brd finance limited
TRANSCRIPT
BRD FINANCE LIMITED
22nd ANNUAL REPORT
2016-17
BRD FINANCE LIMITEDU65910KL1995PLC009430
1
AUDITORS
For Balan & Co.,Chartered AccountantsAluva`
REGISTERED OFFICE
Bethany Complex, KunnamkulamThrissur - 680 503.Phone : 04885-228565E mail : [email protected] site : www.brdgroup.net
Link Intime India Pvt Ltd. (Branch Office)“Surya” 35, May Flower Avenue,Behind Senthil Nagar, Sowripalayam Road,Coimbatore - 641 028
Phone : 91-422-2314792 / 2315792Fax : 91-422-2314792Email : [email protected]
Contents
Directors’ Report 2
Auditors’ Report 19
Balance Sheet 25
Statement of Profit and Loss 26
Notes to Financial Statements 27
Cash Flow Statement 61
DIRECTORS’ REPORT
The Members,
Your directors have pleasure in presenting their 22nd Annual Report on the business and operationsof the company together with the Audited Statement of Accounts for the year ended 31st March,2017.
FINANCIAL HIGHLIGHTS:
During the year under review, performance of your company as under:
Rs
ParticularsYear ended Year ended31.03.2017 31.03.2016
Revenue 13,51,48,921 16,77,44,123
Expense 6,47,91,387 6,36,75,278
Profit/(Loss) before taxation 7,03,57,533 10,40,68,845
Less : Tax Expense
Current Tax 2,19,61,483 3,76,94,236
Deferred Tax (18,290) (24,170)
Profit/(Loss) after tax 4,84,14,340 6,63,98,779
2
BRD FINANCE LIMITED
State of the Company's Affairs and FutureOutlook:
The company has earned a profit before tax of` 7,03,57,534/- as against a profit of` 10,40,68,845/- in the previous year. Ourcustomer-centric approach has resulted in highlevel of customer satisfaction. This means thatour valued and sustainable customer relationshipshave contributed to the revenues. During the yearunder review the company has been able to usethe favorable market conditions to its advantage.We place on record our appreciation of contributionmade by our employees at all levels.
Change in nature of business, if any:
During the year of report there was no change inthe nature of business of the company.
Dividend:
The directors are not recommending any dividendwith a view to conserve the resources of thecompany.
Amounts Transferred to Reserves:
During the year, the Company has transferred` 93,03,410 to General Reserve. The total reserve
and surplus as on 31st March 2017 stands at `29,54,82,888.
Changes in Share Capital, if any:
There were no changes in the share capital ofthe company during the year.
Disclosure regarding Issue of Equity Shares withDifferential Rights:
The company has not issued any shares withdifferential rights during the year.
Disclosure regarding issue of Employee StockOptions:
The company has not issued any shares under anEmployee Stock Option scheme during the year.
Disclosure regarding issue of Sweat EquityShares:
The company has not issued any sweat equityshares during the year.
Extract of Annual Return:
The extract of Annual Return, in format MGT -9,for the Financial Year 2016-17 has been enclosedwith this report.
3
BRD FINANCE LIMITED
Composition of the Board:
The board of directors of the Company comprises of Twelve directors. Their name designation, dateof appointment and the number of board meetings attended by each of them are given below:
Sl No Name of Director Designation Date of No.of BoardAppointment Meetings attended
1 C C William Varghese Director 19.09.1995 9
2 Simon K C Director 23.03.2006 5
3 Appumon C K Managing Director 19.09.1995 6
4 David Raj C Director 10.10.2011 9
5 Jetsy P Mathew Director 06.10.2001 4
6 Leela James Director 06.10.2001 3
7 Geogy John Director 08.03.2012 3
8 Kochumathew C J Director 30.11.2016 2
Number of Board Meetings:
During the Financial Year 2016-17, Nine (9)meetings of the Board of Directors of the companywere held. The Board meetings were held on thefollowing dates:
Sl. Date of Board No. ofNo. Meeting Strength Directors
Present
1 23.06.2016 7 4
2 30.06.2017 7 3
3 18.08.2016 7 5
4 20.09.2016 7 3
5 04.11.2016 7 5
6 09.12.2016 8 5
7 02.01.2017 8 7
8 10.02.2017 8 6
9 24.03.2017 7 4
Particulars of Loan, Guarantees andInvestments under Section 186
The Company has invested in Debentures ofBRD Securities LTD during the financial
year 2016-17, the value of which amounts to` 26,69,53,000/-
And
The company has not given any guarantee orprovided security in connection with any loan asper the provisions of section 186 of the CompaniesAct, 2013.
Particulars of Contract or Arrangements withRelated Parties:
The company has not entered into any contractor arrangement with related parties during thefinancial year 2016-17.
Explanation to Auditor's Remarks:
The auditor's in their Report to the members havegiven qualified opinion on specified Bank Notesand the response of your Directors with respectto it are as follows:-
The company has maintained all records relatedwith dealings in Specified Bank Notes during theperiod from the 8th November, 2016 to 30thDecember, 2016.
Particulars SBNOther denomination
NotesTotal
Closing Cash in hand as on 08.11.2016 363500 433879 797379
(+) Permitted receipts -
(-) Permitted Payments -
(-) Amount deposited in banks 363500 7858500 8222000
Closing cash in hand as on 30.12.2016 - 120414 120414
4
Material Changes Affecting the FinancialPosition of the Company
No material changes and commitments affectingthe financial position of the company haveoccurred between the end of the financial yearand the date of the report.
Conservation of Energy, Technology,Absorption, Foreign Exchange Earnings andOutgo:
A) CONSERVATION OF ENERGY:
The Company is engaged in the financial servicessector and therefore conservation of energy,technology absorption etc. have a limitedapplication. However, the Company follows apractice of purchase and use of energy efficientelectrical and electronic equipment and gadgetsin its operations.
B) Technology Absorption :
During the period under review there was no majortechnology absorption undertaken by theCompany.
C) Foreign Exchange Earnings and Outgo
There was no Foreign Exchange Earnings andOutgo during the year.
Details of Subsidiary, Joint Venture orAssociates:
No company has become or ceased to be aSubsidiary, Joint Venture or Associate of thecompany during the year.
Risk Management Policy:
The company is yet to formulate a policy formanagement of risk as the elements of riskthreatening the company's existence are veryminimal.
Details of Directors and Key ManagerialPersonnel:
The company has appointed Mr. Kochumathew CJ as a Director of the company in Annual GeneralMeeting held on 30.11.2016.
And
The present directors of the company, Shri. DavidRaj C and Smt. Leela James are retiring byrotation in the ensuing annual general meeting
and Shri. David Raj C being eligible seeks re-appointment. Smt. Jetsy P Mathew Director ofthe Company has been resigned from thedirectorship of the Company w.e.f.11.02.2017.The Board places on record itsgratitude for the services rendered by Smt. JetsyP Mathew during their tenure as member of theBoard.
Details of significant & material orders passedby the regulators or courts or tribunal:
There are no significant and material orderspassed by the regulators or courts or tribunalsimpacting the going concern status and company'soperation in future.
Statement in Respect of Adequacy of InternalFinancial Control with Reference to theFinancial Statements:
The company has an effective and adequatefinancial control system in place. The Board hasadopted policies and procedures to ensure theorderly and efficient conduct of its business,safeguarding of its assets, the prevention anddetection of frauds and errors and the accuracyand completeness of accounting records.
Deposits:
The company has not accepted any depositscovered under the provisions of the CompaniesAct, 2013 and also there are no outstandingdeposits as at the end of the financial year.
Commission: (for public companies only)
The company has not provided any commissionto its MD/WTD and hence the provisions relatingto disclosure are not applicable.
Secretarial Audit Report:
The provisions of the Companies Act, 2013 andthe rules framed there under relating secretarialaudit report are not applicable to the company.
Corporate Social Responsibility (CSR) Policy:
The brief outline of the Corporate Socialresponsibility (CSR) policy of the Company andthe initiatives undertaken by the Company on CSRActivities during the year are set out in Annexure
BRD FINANCE LIMITED
5
BRD FINANCE LIMITED
II of this report in the format prescribed in theCompanies (CSR Policy) Rules 2014.
Audit Committee:
The company has constituted an Audit Committeecomprising of the following members:
1. Shri. C K Appumon
2. Shri. C C William Verghese
3. Shri. David Raj C
During the Financial Year 2016-17, two (2)meetings of the Audit Committee were held on18.08.2016 and 04.11.2016 respectively. Thedetails of attendance of the members are as givenbelow:
Name of Director No. of meetings attended
C K Appumon 2
C C William Verghese 2
David Raj C 2
During the year there were no cases of non-acceptance of recommendations of the AuditCommittee by the Board of Directors.
Nomination & Remuneration Committee:
The company has constituted a Nomination andRemuneration Committee comprising of thefollowing members:
1. Sri. C C William varghese
2. Sri. Appumon C K
3. Sri. David Raj C
During the financial year one meeting of thecommittee was held on 04.11.2016, which wasattended by all the members.
The committee chiefly deals with matters relatingto the size and composition of the Board,succession plans, evaluation of performance,Board diversity and remuneration framework andpolicies thereon. The committee is in the processof formulating detailed criteria relating to thedetermination of qualifications, positiveattributes and independence of directors andrecommendation of candidates to the Board aswell as a policy relating to remuneration ofdirectors, key managerial personnel and otheremployees.
Stakeholders Relationship Committee:
The company has constituted an StakeholdersRelationship Committee comprising of thefollowing members:
1. Shri. C C William Verghese
2. Shri. Appumon C K
3. Shri. David Raj C
During the Financial Year 2016-17, two (2)meetings of the Stakeholders RelationshipCommittee were held on 23.06.2016 and09.12.2016 respectively. The details ofattendance of the members are as given below:
Name of Director No. of meetings attended
C C William Verghese 2
Appumon C K 2
David Raj C 2
Annual Evaluation:
The Board evaluated the effectiveness of itsfunctioning and that of the Committees and ofindividual directors by seeking their inputs onvarious aspects of governance. The main aspectsof evaluation included the contribution to
governance, participation in planning andfulfillment of obligations and responsibilities.
Disclosure on Establishment of a Vigil
Mechanism:
The company is not required to constitute a vigilmechanism pursuant to the provision of theCompanies Act, 2013 and the rules framed there
under.
Disclosures under Sexual Harassment of Womenat Workplace (Prevention, Prohibition &Redressal) Act, 2013:
The company has not received any complaintsduring the financial year.
Disclosure u/s 143(12):
The auditors of the company have not reported
any fraud pursuant to section 143(12) of theCompanies Act, 2013 (Companies (Amendment)Act, 2013).
Statutory Auditors:
The term of present auditors of the Company,M/s. Balan & Co. will expire in the ensuing AnnualGeneral Meeting and they will not be eligible forre-appointment as Auditors for next 5 years asper the provisions under section 139(2) of theCompanies Act, 2013. Therefore the boardproposes to appoint Mr. Damodaran P, as theStatutory auditors of the Company for a periodof 5 financial years commencing from 2017-2018.
Cost Auditors:
The company is not required to appoint a CostAuditor pursuant to the provisions of theCompanies Act, 2013.
Directors Responsibility Statement:
In accordance with the provisions of Section134(5) of the Companies Act 2013, yourdirectors confirm that:
a. in the preparation of the annual accounts forthe financial year ended 31st March, 2017,the applicable accounting standards had beenfollowed along with proper explanation relatingto material departures;
b. the directors had selected such accountingpolicies and applied them consistently andmade judgments and estimates that arereasonable and prudent so as to give a true
and fair view of the state of affairs of theCompany as at 31st March, 2017 and of theprofit /loss of the company for that period;
c. the directors had taken proper and sufficientcare for the maintenance of adequateaccounting records in accordance with theprovisions of the Companies Act 2013 forsafeguarding the assets of the company andfor preventing and detecting fraud and otherirregularities;
d. the directors had prepared the annualaccounts on a going concern basis;
e. the directors had devised proper systems toensure compliance with the provisions of allapplicable laws and that such systems wereadequate and operating effectively.
Acknowledgment:
The Directors express their sincere appreciationto the valued shareholders, bankers and clientsfor their support
Thrissur18.08.2017
Sd/-C C William Vargehse
Chairman( DIN:00074708)
For and on behalf of the Board of Directors
6
BRD FINANCE LIMITED
7
ANNEXURE-1
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
as on the financial year ended on 31.03.2017
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
i) CIN U65910KL1995PLC009430
ii) Registration Date 19.09.1995
iii) Name of the Company BRD FINANCE LTD
iv) Category / Sub-Category of the Company Company Limited by Shares /
Non-Government Company
v) Address of the Registered office and XIII/436, A3, 1st Floor, Bethany Complex,
contact details Thrissur Road, Kunnamkulam, Thrissur,
Kerala- 680503
Phone: 04885-228565
E mail: : [email protected]
vi) Whether listed Company No
vii) Name, Address and Contact details of Nil
Registrar and Transfer Agent, if any
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company shall be
stated:-
Sl. Name and Description of main NIC Code of the % to total turnover
No. products / services Product/service of the company
1 Kuri Business 65992 75%
2 Finance 6592 25%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sl. Name and Address CIN/GLN Holding/ % of ApplicableNo. of the Company Subsidiary shares Section
Associate held
1. BRD Chits LTD
Uttam Complex, 2nd floor U65942TZ2012PLC018717 Subsidiary 92.31% 2(87)9-12 Rajaji Road, Ram NagarGandhi puram, Coimbatore,Tamil Nadu- 641 009
2. BRD Kuries (INDIA) LTD534/A, BRD Complex, Calicut U65992KL2014PLC036468 Subsidiary 96.67% 2(87)Road, Parempadam,Kunnamkulam, Thrissur-68 0519
3. BRD Developers andBuilders LTDDoor No. XIII/436, A 1,2nd Floor, Bethany Complex, U45200KL2010PLC026202 Associate 48.78 2(6)Thrissur Road, KunnmakulamThrisssur - 680 503
BRD FINANCE LIMITED
8
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Share Holding
Category of No. of Shares held at the beginning No. of Shares held at the end
Shareholders of the year [As on 01-April-2016] of the year [As on 31-March-2017]
Demat Physical Total % of Demat Physical Total % of
Total TotalShares Shares
A. Promoters
(1) Indian
a) Individual/ HUF - 2059288 2059288 13.76% Nil 2319513 2319513 15.50% 1.74%
b) Central Govt - - - - - - - - -
c) State Govt(s) - - - - - - - - -
d) Bodies Corp. - - - - - - - - -
e) Banks / FI - - - - - - - - -
f) Any other - - - - - - - - -
Sub- Total (A)(1) - 2059288 2059288 13.76% Nil 2319513 2319513 15.50% 1.74%
(2) Foreign
a) NRIs-Individuals - - - - - - - - -
b) Others-Individual - - - - - - - - -
c) Bodies corporate - - - - - - - - -
d) Banks/ FI - - - - - - - - -
e) Any othe - - - - - - - - -
Sub- Total (A)(2) - - - - - - - - -
Total shareholding
of promoter
(A) = (A)(1)+(A)(2) - 2059288 2059288 13.76% Nil 2319513 2319513 15.50% 1.74%
B. Public
Shareholding
1. Institutions
a) Mutual Funds - - - - - - - - -
b) Banks / FI - - - - - - - - -
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture
Capital Funds - - - - - - - - -
f) Insurance
Companies - - - - - - - - -
g) FIIs - - - - - - - - -
h) Foreign Venture
Capital Funds - - - - - - - - -
i) Others - - - - - - - - -
Sub-total (B)(1):- - - - - - - - - -
% C
han
geduri
ng
the y
ear
BRD FINANCE LIMITED
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Share Holding
Category of No. of Shares held at the beginning No. of Shares held at the end
Shareholders of the year [As on 01-April-2016] of the year [As on 31-March-2017]
Demat Physical Total % of Demat Physical Total % of
Total TotalShares Shares -
2. Non-Institutions
a) Bodies Corp.
i) Indian - 911788 911788 6.09% Nil 963694 963694 6.44% 0.35%
ii) Overseas - - - - - - - - -
b) Individuals
I) Individual share
holders holding
nominal share
capital upto
Rs. 1 lakh - 4736754 4736754 31.66% Nil 4523549 4523549 30.23% 1.43%
II) Individual
shareholders
holding nominal
share capital
in excess of
Rs. 1 lakh - 7254094 7254094 48.49% 7155168 7155168 47.83% 0.66%
c) Others
Specify
Sub-total (B)(2):- - 12902636 12902636 86.24% - 12642411 12642411 84.50% 1.74%
Total PublicShareholding
(B)=(B)(1)+ (B)(2) - 12902636 12902636 86.24% - 12642411 12642411 84.50% 1.74%
C. Shares held byCustodian for
GDRs & ADRs - - - - - - - - -
Grand Total(A+B+C) 114961924 14961924 100% Nil 14961924 14961924 100% Nil
% C
han
geduri
ng
the y
ear
9
ii) Shareholding of Promoter-
S. Shareholder’s Name
No
1 C C William Varghese 1727043 13.62% - 2319513 15.50%% - 1.88%
% c
han
ge in
shar
ehold
ing
duri
ng
the y
ear
Shareholding at thebeginning of the year
Shareholding at theend of the year
% o
f Sh
ares
Ple
dge
d /
encu
mbere
d to
tota
l sh
ares
No.
of
Shar
es
% o
f to
tal Sh
ares
of
the c
om
pan
y
% o
f Sh
ares
Ple
dge
d /
encu
mbere
d to
tota
l sh
ares
No.
of
Shar
es
% o
f to
tal Sh
ares
of
the c
om
pan
y
BRD FINANCE LIMITED
10
iii) Change in Promoters’ Shareholding ( please specify, if there is no change)
S. Shareholder's Shareholding at the Cumulative Share At the End
No. Name beginning of the year holding during the year of the year
No. of % of total No. of % of totalshares shares of shares shares of
the thecompany company
No. ofshares
% oftotal
sharesof the
company
Date wise
increase/
decrease in
Promoters
Shareholding
during the year
specifying the
reasons for
increase/
decrease
1 C C William
Varghese 2059288 13.76% 2319513 15.50% 2060837 13.77%
Purchase-
28.07.2016-
259494
04.11.2016-
731
iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders ofGDRs and ADRs):
S. For each of Top 10 Shareholding at the Cumulative ShareNo. Name beginning of the year holding during the year
No. of % of total No. of % of totalshares shares of shares shares of
the thecompany company
Increase/Decrease in
Shareholding during the
year specifying the date
and reasons for increase/
decrease
1 BRD Motors Limited 911788 6.09% 963694 6.44% ***
2 Prasad Punnoose 375839 2.51% 375839 2.51%
3 George N V 440977 2.95% 316704 2.11% Sales-26.05.2016-
124273
4 Annie Mathew 281468 1.88% 281468 1.88%
5 Baby Skaria 273546 1.82% 273546 1.82%
6 John Mathai 392344 2.62% 332496 2.22% Sales-23.06.2016-59848
7 Zarine M Punnoose 266510 1.78% 266510 1.78%
8 A Vishnu Bhattathirippad 247045 1.65% 247045 1.65%
9 Sunitha A C 244326 1.63% 244326 1.63%
10 Marry Williams 244846 1.63% 244846 1.63%
*** Increase/decrease detail in share holding
BRD Motors Limited
Purchase Transfer - : 26.05.2016-57006
Sales Transfer- 13.04.2016- 100, 28.07.2016- 2500, 04.11.2016- 400, 10.02.2017-1700, 24.03.2017- 400
BRD FINANCE LIMITED
11
v) Shareholding of Directors and Key Managerial Personnel:
S. For each of Directotrs Shareholding at the Cumulative shareholdingNo. and KMP beginning of the year during the year
No. of % of total No. of % of totalshares shares of shares shares of
the thecompany company
Increase/Decrease in
Shareholding during the
year specifying the date
and reasons for increase/
decrease
1 C C William Varghese 2059288 13.76% 2319513 15.50% Purchase-28.07.2016-
259494 04.11.2016-731
2 Simon K C 69925 0.47% 69925 0.47% -
3 Appumon C K 203356 1.36% 203356 1.36% Sale-04.11.2016-900
Purchase- 04.11.2016-
1023
4 Jetsy P mathew 108970 0.73% 108970 0.73% -
5 Leela James 48249 0.32% 48249 0.32% -
6 Geogy Ukken John 71617 0.47% 41253 0.28% Sale- 23.06.2016-
22850, 28.07.2016-
7514
7 David Raj C 56791 0.38% 68486 0.46% Purchase- 04.11.2016-
11695
8 Kochumathew C J 10351 0.07% 10351 0.07% -
BRD FINANCE LIMITED
vi) INDEBTEDNESS -
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Secured Loans Unsecured Deposits Totalexcluding Loans Indebtednessdeposits
Indebtedness at the beginning ofthe financial year
i) Principal Amount 3,80,50,000 - - 3,80,50,000
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 3,80,50,000 - - 3,80,50,000
Change in Indebtedness duringthe financial year
Addition 29,50,000 - - 29,50,000
Reduction - - - -
Net Change 29,50,000 - - 29,50,000
Indebtedness at the end of thefinancial year
i) Principal Amount 410,00,000 - - 410,00,000
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 410,00,000 - - 410,00,000
12
vii) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNELA. Remuneration to Managing Director, Whole- Time Directors and/ or Manager :
S. Particulars of Remuneration Name of MD/ Total
No. WTD/ Manager Amount
......................
1 Gross salary
(a) Salary as per provisions contained in
Section 17(1) of the Income-tax 1961 - -
(b) Value of perquisites u/s. 17(2) of the
Income tax Act, 1961 - -
(c) Profits in lieu of salary under section 17(3)
Income- tax Act, 1961 - -
2 Stock Option - -
3 Sweat Equity - -
4 Commission
- as % of profit
- others Specify
5 Others - -
Total (A) - -
Ceiling as per the Act - -
BRD FINANCE LIMITED
13
vii) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (Contd.)
B. Remuneration to Other Directors
Name of Directors Particulars of Remuneration
Amount in `
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD
S. Particulars of Remuneration Name of MD/WTD/ Manager
No. CEO CS CFO Total
1 Gross salary
(a) Salary as per provisions contained in Section 17(1)
of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
(c) Profits in lieu of salary under Section 17(3)
Income-tax Act, 1961
2 Stock Option
3 Sweat Equity
4 Commission
- as % of profit
- others, specify...
5 Others, please specify
Total
- NOT A
PPLICABLE
-
Fee for attending
board/committee
meetings
RemunerationOthers, please
specify-
Allowance
Total
(1) Independent Directors - - - - -
Total (1) - - - -
(2) Other Non-Executive
Directors
C C William Verghese 3600 - - 3600
Leela James 1200 - - 1200
Jetsy P Mathew 1600 - - 1600
Geogy john 1200 - - 1200
David Raj C 3600 - - 3600
Simon K C 2000 - - 2000
Total (2) 13200 - - 13200
Total (B) = (1) +(2) 13200 13200
Total Managerial
Remuneration 13200
Overall Ceiling as per the Act 7739328.74 7739328.74
BRD FINANCE LIMITED
14
viii) PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:
Type Section Brief Details of Penalty / Authority Appealof the Description Punishment / [RD / NCLT / made,
Companies compounding COURT] if any (give
Act fees imposed details)
A. COMPANYPenalty
Punishment NONE
Compounding
B. DIRECTORSPenalty
Punishment NONE
Compounding
C. OTHEROFFICERS INDEFAULTPenalty
Punishment NONE
Compounding
Thrissur
18.08.2017
Sd/-C C William Vargehse
Chairman
( DIN:00074708)
For and on behalf of the Board of Directors
BRD FINANCE LIMITED
Annexure II
Form No. AOC-1(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies
(Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associatecompanies/joint ventures
Part "A": Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in Rs.)
Sl. No.
1. Name of the subsidiary BRD Chits LTD BRD Kuries (INDIA) LTD
2. Reporting period for the subsidiaryconcerned, if different from the holdingcompany's reporting period 2016-17 2016-17
3. Reporting currency and Exchange rate ason the last date of the relevant Financialyear in the case of foreign subsidiaries - -
4. Share capital(Paid Up) 65,00,000 1,50,00,000
5. Reserves & surplus 1,03,76,382 19,23,066
6. Total assets 1,90,21,568 1,74,89,856
7. Total Liabilities 1,90,21,568 1,74,89,856
8. Investments - -
9. Turnover 34,00,000 14,40,000
10. Profit/(Loss) before taxation 35,11,817 17,34,526
11. Provision for taxation
12. Profit after taxation 24,19,979 12,17,436
13. Proposed Dividend - -
14. % of shareholding 92.31% 96.67%
Particulars Details
1. Names of subsidiaries which are yet to commence operations :
2. Names of subsidiaries which have been liquidated or sold during the year :
Sd/-C C William Vargehse
Chairman( DIN:00074708)
For and on behalf of the Board of Directors
15
BRD FINANCE LIMITED
Part "B": Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companiesand Joint Ventures
1. Latest audited Balance Sheet Date 31.03.2017
2. Shares of Associate held by the companyon the year end
No. 1000000
Amount of Investment in Associates 1,00,00,000
Extend of Holding % 48.78
3. Description of how there is significantinfluence " Control of 20% above Total Share Capital"
4. Reason why the associate/jointventure is not consolidated N A
5. Net worth attributable to Shareholdingas per latest audited Balance Sheet 2,13,09,416
6. Profit / Loss for the year
i. Considered in Consolidation
ii. Not Considered in Consolidation
Name of Associates/Joint Ventures BRD Developers and Builders LTD
1. Names of associates or joint ventures which are yet to commence operations :
2. Names of associates or joint ventures which have been liquidated or sold during the year :
Note : This Form is to be certified in the same manner in which the Balance Sheet is to be certified.
Thrissur18.08.2017
Sd/-C C William Vargehse
Chairman( DIN:00074708)
For and on behalf of the Board of Directors
16
BRD FINANCE LIMITED
17
BRD FINANCE LIMITED
Annexure III
ANNUAL REPORT ON CSR ACTIVITIES
1. A Brief outline of the Company's CSR policy, including overview of projects or programs
proposed to be undertaken and a reference to the web-link to the CSR policy and project or
programs:
The Company has adopted the corporate Social Responsibility Policy outlining the various activities
defined in Schedule VII of the Companies act 2013. The policy envisages the formulations of the
CSR Committee which will recommend the amount of expenditure to be incurred on the activities
referred to in the Policy to the Board and monitor the project/programs from time to time with
reporting of the progress on such project/programs to the board. The execution of the projects/
programs is either by way of partnering through the implementation agencies or directly by the
Company.
Our CSR policy is aimed at demonstrating care for the community through its focus on education
& Skill development, health & wellness and environmental sustainability including biodiversity,
energy & water conservation. Also embedded in this objective to support to the marginalized
cross section of the society by providing opportunities to improve their quality of life. Also company
is planning to contribute to Prime Ministers national Relief Fund
The Corporate Social Responsibility Committee was constituted by way of a Board resolution
dated October 23rd 2014. The Committee met 4 times during the year to discuss about the
implementation of Company's CSR programs.
2. The Composition of the CSR Committee: The Company has a CSR committee of directors comprising
of Mr. C C Willaim Varghese, Mr. Appumon C K and Mr. David Raj C
3. Average net profit of the Company for last three financial years:- Rs.10,55,62,057/-
4. Prescribed CSR Expenditure (two per cent. of the amount as in item 3 above):- Rs. 21,11,241/-
5. Details of CSR spent during the financial year:
a. Total amount spent for the financial year: Rs. 1535000/-
b. Amount unspent, if any; Rs. - 576241/-
c. Manner in which the amount spent during the financial year: Attached.
6. In case the Company has failed to spend the two per cent of the average net profit of the last
three financial years or any part thereof, the Company shall provide the reasons for Not
spending the amount in its Board report:-
The expenditure under this head can be incurred only after the discussions are finalized with
certain Non-Governmental organizations specialized in the field of social welfare activities. The
company has spend the entire amount during the financial year 2016-17 in line with policy adopted
by the Company.
7. A responsibility statement of the CSR committee that the implementation and monitoring of
CSR policy,Is in compliance with CSR objectives and policy of the Company:-
We hereby declare that implementation and monitoring of the CSR policy are in compliance with
CSR objectives and policy of the Company.
5(c) manner in which amount spent during the financial year is detailed below
Thrissur18.08.2017
Sd/-C C William Vargehse
Chairman( DIN:00074708)
For and on behalf of the Board of Directors
18
BRD FINANCE LIMITED
1 2
SlNo.
CSR Projector activityIdentified
3
Sector inwhich theproject iscovered
4
Projects orprograms
1.Local area orother
2. Specify thestate and
district whereprojects or
programs wasundertaken
5
Amountoutlay
(budget)project orprograms
6
Amountspent on
the projects
or
programsSub-head:
1.DirectExpenditure
On projects
Or
Programs
2.Overheads
7 8
Cumulativeexpenditureupto to thereporting
period
Amountspent:
Direct orthrough
implemen-ting
Agency
1 Support forMedical
treatment
Health Care Kunnamkulam-Thrissur
1000000 Direct
2 SOSChildren’s
Village
ChildSponsorship
Thrissur 1000000 Direct
Total
535000 535000
1000000 1000000
19
INDEPENDENT AUDITORS’ REPORT
ToThe Members of BRD Finance Limited
REPORT ON THE FINANCIAL STATEMENTS
WWe have audited the accompanying financial
statements of M/s BRD Finance Limited ("the
Company") which comprise the Balance Sheet as
at March 31, 2017, the Statement of Profit and
Loss, Cash Flow Statement for the year then
ended, and a summary of significant accounting
policies and other explanatory information.
MANAGEMENT’S RESPONSIBILITY FOR THEFINANCIAL STATEMENTS
The Company's Board of Directors is responsible
for the matters stated in Section 134(5) of the
Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that
give a true and fair view of the financial position,
financial performance and cash flows of the
Company in accordance with the accounting
principles generally accepted in India, including
the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also
includes maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other
irregularities; selection and application of
appropriate accounting policies; making
judgments and estimates that are reasonable and
prudent; and design, implementation and
maintenance of adequate internal financial
controls, that were operating effectively for
ensuring the accuracy and completeness of the
accounting records, relevant to the preparation
and presentation of the financial statements that
give a true and fair view and are free from
material misstatement, whether due to fraud or
error.
AUDITORS’ RESPONSIBILITY
Our responsibility is to express an opinion on
these financial statements based on our audit.
We have taken into account the provisions of the
Act, the accounting and auditing standards and
matters which are required to be included in the
audit report under the provisions of the Act and
the Rules made thereunder.
We conducted our audit in accordance with the
Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance
about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain
audit evidence about the amounts and the
disclosures in the financial statements. The
procedures selected depend on the auditor's
judgment, including the assessment of the risks
of material misstatement of the financial
statements, whether due to fraud or error. In
making those risk assessments, the auditor
considers internal financial control relevant to the
Company's preparation of the financial statements
that give a true and fair view in order to design
audit procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on whether the Company
has in place an adequate internal financial controls
system over financial reporting and the operating
effectiveness of such controls.
An audit also includes evaluating the
appropriateness of the accounting policies used
and the reasonableness of the accounting
estimates made by the Company's Directors, as
well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our audit opinion on the financial
statements
OPINION
In our opinion and to the best of our information
and according to the explanations given to us,
the aforesaid financial statements give the
information required by the Act in the manner so
required and give a true and fair view in
conformity with the accounting principles
BRD FINANCE LIMITED
20
generally accepted in India, of the state of affairs
of the Company as at March 31, 2017, and its
Profit/Loss and its Cash Flow for the year ended
on that date.
REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS
1. As required by the Companies (Auditor's
Report) Order, 2016 ("the Order"), as
amended, issued by the Central Government
of India in terms of sub-section (11) of
section 143 of the Act, we give in the
"Annexure A" a statement on the matters
specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we
report that:
a. we have sought and obtained all the
information and explanations which to
the best of our knowledge and belief were
necessary for the purpose of our audit;
b. in our opinion proper books of account
as required by law have been kept by the
Company so far as it appears from our
examination of those books;
c. the Balance Sheet, the Statement of
Profit and Loss and the Cash Flow
Statement dealt with by this Report are
in agreement with the books of account
d. in our opinion, the aforesaid financial
statements comply with the Accounting
Standards specified under section 133 of
the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
e. On the basis of written representations
received from the directors as on March
31, 2017 taken on record by the Board of
Directors, none of the directors is
disqualified as on March 31, 2017 from
being appointed as a director in terms
of Section 164 (2) of the Act.
f. With respect to the adequacy of the
internal financial controls over financial
reporting of the Company and the
operating effectiveness of such controls,
refer to our separate Report in "Annexure
B".
g. With respect to the other matters to be
included in the Auditor's Report in
accordance with Rule 11 of the
Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of
our information and according to the
explanations given to us:
i. The Company does not have any
pending litigations which would
impact its financial position.
ii. The Company did not have any long-
term contracts including derivative
contracts for which there were any
material foreseeable losses.
iii. There were no amounts which were
required to be transferred to the
Investor Education and Protection
Fund by the Company.
iv. The Company has not provided
requisite disclosures in the financial
statements as to holdings as well as
dealings in Specified Bank Notes
during the period from 8th November,
2016 to 30th December, 2016.
For Balan & Co.,
Chartered Accountants
(FRN 000340S)
Sd/-Vishnu Prasad B. Menon FCA
Partner (M. No. 207626)
Aluva,
18.08.2017.
BRD FINANCE LIMITED
21
Referred to in paragraph 1 under the heading'Report on Other Legal & Regulatory Requirement'of our report of even date to the financialstatements of the Company for the year endedMarch 31, 2017:
1) (a) The Company has maintained properrecords showing full particulars,including quantitative details andsituation of fixed assets;
(b) The Fixed Assets have been physicallyverified by the management in a phasedmanner, designed to cover all the itemsover a period of three years, which inour opinion, is reasonable having regardto the size of the company and natureof its business. Pursuant to theprogram, a portion of the fixed assethas been physically verified by themanagement during the year and nomaterial discrepancies between thebooks records and the physical fixedassets have been noticed.
(c) The title deeds of immovable propertiesare held in the name of the company.
2) The inventory of stocks held for sale hasbeen verified by the management during theyear. The management has conductedphysical verification of inventory atreasonable intervals during the year. Thereare no discrepancies noticed on verificationof inventory as compared to book records.
3) The Company has not granted any loans,secured or unsecured to companies, firms,Limited Liability partnerships or otherparties covered in the Register maintainedunder section 189 of the Act. Accordingly,the provisions of clause 3 (iii) (a) to (C) ofthe Order are not applicable to the Companyand hence not commented upon.
4) In our opinion and according to theinformation and explanations given to us,the company has complied with theprovisions of section 185 and I86 of the
Companies Act, 2013 In respect of loans,
investments, guarantees, and security.
5) In our opinion and according to theinformation and explanations given to us,the Company has not accepted any depositfrom the public in accordance with theprovisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the rulesframed there under. Accordingly, paragraph3(v) of the Order is not applicable to theCompany.
6) As informed to us, the maintenance of CostRecords has not been specified by theCentral Government under sub-section (1)of Section 148 of the Act, in respect of theactivities carried on by the company.
7) (a) According to information andexplanations given to us and on thebasis of our examination of the booksof account, and records, the Companyhas been generally regular in depositingundisputed statutory dues includingProvident Fund, Employees StateInsurance, Income-Tax, Sales tax,Service Tax, Duty of Customs, Duty ofExcise, Value added Tax, Cess and anyother statutory dues with theappropriate authorities. According tothe information and explanations givento us, no undisputed amounts payablein respect of the above were in arrearsas at March 31, 2017 for a period ofmore than six months from the dateon when they become payable.
(b) According to the information andexplanation given to us, there are nodues of income tax, sales tax, servicetax, duty of customs, duty of excise,value added tax outstanding on accountof any dispute.
8) In our opinion and according to theinformation and explanations given to us,the Company has not defaulted in therepayment of dues to banks, financial
institutions or government. The company
does not have any borrowing by way of
debentures.
"Annexure A" to the Independent Auditors' Report
BRD FINANCE LIMITED
22
9) Based upon the audit procedures performed
and the information and explanations given
by the management, the company has not
raised moneys by way of initial public offer
or further public offer including debt
instruments and term Loans. Accordingly,
the provisions of clause 3 (ix) of the Order
are not applicable to the Company and hence
not commented upon.
10) According to the information and
explanations given to us, no material fraud
by the Company or on the Company by its
officers or employees has been noticed or
reported during the course of our audit.
11) Based upon the audit procedures performed
and the information and explanations given
by the management, the managerial
remuneration has been paid or provided in
accordance with the requisite approvals
mandated by the provisions of section 197
read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi
Company. Therefore, the provisions of clause
4 (xii) of the Order are not applicable to the
Company.
13) In our opinion, all transactions with the
related parties are in compliance with
section 177 and 188 of Companies Act, 2013
and the details have been disclosed in the
Financial Statements as required by the
applicable accounting standards.
14) Based upon the audit procedures performed
and the information and explanations given
by the management, the company has not
made any preferential allotment or private
placement of shares or fully or partly
convertible debentures during the year under
review. Accordingly, the provisions of clause
3 (xiv) of the Order are not applicable to
the Company and hence not commented
upon.
15) Based upon the audit procedures performed
and the information and explanations given
by the management, the company has not
entered into any non-cash transactions with
directors or persons connected with him.
Accordingly, the provisions of clause 3 (xv)
of the Order are not applicable to the
Company and hence not commented upon.
16) In our opinion, the company is not required
to be registered under section 45 IA of the
Reserve Bank of India Act, 1934 and
accordingly, the provisions of clause 3 (xvi)
of the Order are not applicable to the
Company and hence not commented upon.
Report on the Internal Financial Controls under
Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 ("the Act")
We have audited the internal financial controls
over financial reporting of BRD Finance Limited
("the Company") as of March 31, 2017 in
conjunction with our audit of the financial
statements of the Company for the year ended on
that date.
Management's Responsibility for InternalFinancial Controls
The Company's management is responsible for
establishing and maintaining internal financial
controls based on the internal control over financial
reporting criteria established by the Company
For Balan & Co.,
Chartered Accountants
(FRN 000340S)
Sd/-Vishnu Prasad B. Menon FCA
Partner (M. No. 207626)
Aluva,
18.08.2017
"Annexure B" to the Independent Auditor's Report of even date on the Financial Statements ofBRD Finance Limited
BRD FINANCE LIMITED
considering the essential components of internal
control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered
Accountants of India. These responsibilities
include the design, implementation and
maintenance of adequate internal financial
controls that were operating effectively for
ensuring the orderly and efficient conduct of its
business, including adherence to company's
policies, the safeguarding of its assets, the
prevention and detection of frauds and errors,
the accuracy and completeness of the accounting
records, and the timely preparation of reliable
financial information, as required under the
Companies Act, 2013.
Auditors' Responsibility
Our responsibility is to express an opinion on the
Company's internal financial controls over financial
reporting based on our audit. We conducted our
audit in accordance with the Guidance Note on
Audit of Internal Financial Controls Over Financial
Reporting (the "Guidance Note") and the Standards
on Auditing, issued by ICAI and deemed to be
prescribed under section 143(10) of the
Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both
applicable to an audit of Internal Financial Controls
and, both issued by the Institute of Chartered
Accountants of India. Those Standards and the
Guidance Note require that we comply with ethical
requirements and plan and perform the audit to
obtain reasonable assurance about whether
adequate internal financial controls over financial
reporting was established and maintained and if
such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain
audit evidence about the adequacy of the internal
financial controls system over financial reporting
and their operating effectiveness. Our audit of
internal financial controls over financial reporting
included obtaining an understanding of internal
financial controls over financial reporting,
assessing the risk that a material weakness exists,
and testing and evaluating the design and
operating effectiveness of internal control based
on the assessed risk. The procedures selected
depend on the auditor's judgement, including the
assessment of the risks of material misstatement
of the financial statements, whether due to fraud
or error.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Company's
internal financial controls system over financial
reporting.
Meaning of Internal Financial Controls OverFinancial Reporting
A company's internal financial control over financial
reporting is a process designed to provide
reasonable assurance regarding the reliability of
financial reporting and the preparation of financial
statements for external purposes in accordance
with generally accepted accounting principles. A
company's internal financial control over financial
reporting includes those policies and procedures
that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable
assurance that transactions are recorded as
necessary to permit preparation of financial
statements in accordance with generally accepted
accounting principles, and that receipts and
expenditures of the company are being made only
in accordance with authorisations of management
and directors of the company; and (3) provide
reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use,
or disposition of the company's assets that could
have a material effect on the financial
statements.
Inherent Limitations of Internal FinancialControls Over Financial Reporting
Because of the inherent limitations of internal
financial controls over financial reporting, including
the possibility of collusion or improper
management override of controls, material
misstatements due to error or fraud may occur
and not be detected. Also, projections of any
evaluation of the internal financial controls over
financial reporting to future periods are subject
23
BRD FINANCE LIMITED
to the risk that the internal financial control over
financial reporting may become inadequate
because of changes in conditions, or that the
degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material
respects, an adequate internal financial controls
system over financial reporting and such internal
financial controls over financial reporting were
operating effectively as at March 31, 2017, based
on the internal control over financial reporting
criteria established by the Company considering
the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India.
For Balan & Co.,
Chartered Accountants
(FRN 000340S)
Sd/-Vishnu Prasad B. Menon FCA
Partner (M. No. 207626)Aluva,
18.08.2017
BRD FINANCE LIMITED
24
25
BALANCE SHEET AS AT 31ST MARCH, 2017
Particulars Note 31.03.2017 31.03.2016
No. Rs. Rs.
I. EQUITY AND LIABILITIES
(1) Shareholders’ Funds
(a) Share Capital 3 149,619,240 149,619,240
(b) Reserves & Surplus 4 295,482,888 279,482,622
(2) Share application money pending allotment - -
(3) Non-Current Liabilities
(a) Long term borrowings
(b) Deferred tax liabilities (Net) 5 217,980 236,270
(c) Other long term liabilities
(d) Long term provisions
(4) Current Liabilities
(a) Short term borrowings 6 50,000,000 10,000,000
(a) Trade payables
(b) Other current liabilities 7 475,271,484 654,115,251
(c) Short-term provisions 8 282,912 8,621,059
TOTAL 970,874,504 1,102,074,442
II. ASSETS
(1) Non-current assets
(a) Fixed assets 12,468,389 12,736,735
(i) Tangible assets 8
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non-current investments 9 297,453,000 87,597,000
(c) Deferred tax assets (net)
(e) Long term loans and advances 10 418,500 412,500
(f) Other non-current assets 11 10,221,517 290,310,250
(2) Current assets
(a) Current investments - -
(b) Inventories 12 299,746,890 299,746,890
(c) Trade receivables
(d) Cash and bank balances 13 21,070,108 81,556,395
(f) Short-term loans and advances 14 215,231,465 215,243,180
(g) Other current assets 15 114,264,635 114,471,493
TOTAL 970,874,504 1,102,074,443
Notes are an integral part of the financial statements 1-27
Sd/-C.J. KOCHUMATHEWDirector
Sd/-C.C. WILLIAM VARGHESE
Chairman
Aluva
18.08.2017
“As per our report of even date”For Balan & Co.Chartered Accountants,FRN 000340SSd/-VISHNU PRASAD B. MENON, FCAPartner(M.No.207626)
BRD FINANCE LIMITED
Sd/-APPUMON C.K
Managing Director
Kunnamkulam
18.08.2017
26
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2017
Particulars Note 31.03.2017 31.03.2016
No. Rs. Rs.
REVENUE
Revenue from Operations 16 76,834,751 81,017,783
Other income 17 58,314,170 86,726,340
TOTAL REVENUE 135,148,921 167,744,123
EXPENSES
Employee benefit expense 18 6,530,369 5,303,130
Finance cost 19 48,799,316 38,830,721
Depreciation and amortization Expenses 20 537,196 606,420
Other expense 21 8,924,506 18,935,007
TOTAL EXPENSES 64,791,387 63,675,278
Profit before Tax 70,357,534 104,068,845
Tax Expense
(a) Current tax 21,961,483 37,694,236
(b) Deferred tax (18,290) (24,170)
21,943,193 37,670,066
Profit (Loss) for the period 48,414,340 66,398,779
Earnings Per Equity Share Basic and Diluted
(Face value of Rs.10 each) 22 3.24 4.44
Adjusted earnings per share (Face value of Rs.10 each) 3.24 4.44
Notes are an integral part of the financial statements
BRD FINANCE LIMITED
Aluva18.08.2017
Sd/-C.J. KOCHUMATHEWDirector
Sd/-C.C. WILLIAM VARGHESE
Chairman
“As per our report of even date”For Balan & Co.Chartered Accountants,FRN 000340S
Sd/-VISHNU PRASAD B. MENON FCAPartner(M.No.207626)
Sd/-APPUMON C.K
Managing Director
Kunnamkulam
18.08.2017
27
SIGNIFICANT ACCOUNTING POLICIES FOLLOWED IN PREPARING THE FINANCIAL STATEMENTS
1) Company Overview
BRD Finance Limited ('the company') is a public limited company incorporated in the year1995. The company concentrates mainly on chit promotion business. With professionalismand aggressive approach towards achieving continual improvement in the sphere of professionalexcellence, saw this small chit fund growing to become one of the top most chit Fund Companiesof the Country today with many a distinctions.
2) Significant accounting policies
2.1 Basis of preparation of financial statements
The financial statements are prepared in accordance with Indian Generally Accepted AccountingPrinciples (GAAP) under the historical cost convention on the accrual basis. GAAP comprisesmandatory accounting standards as prescribed under section 133 of the Companies Act, 2013('the Act') read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act(to the extent notified). Accounting policies have been consistently applied except where anewly-issued accounting standard is initially adopted or a revision to an existing accountingstandard requires a change in the accounting policy hitherto in use.
2.2 Use of estimates
The preparation of financial statements requires the management of the Company to makeestimates and assumptions that affect the reported balances of assets and liabilities anddisclosures relating to the contingent liabilities as at the date of the financial statements andreported amounts of income and expense during the year. Examples of such estimates includeprovisions for doubtful receivables, employee benefits, provision for income taxes, the usefullives of depreciable fixed assets and provision for impairment.
Future results could differ due to changes in these estimates and the difference between theactual result and the estimates are recognised in the period in which the results are known /materialise.
2.3 Revenue recognition
i) Foreman's Commission: Foreman's commission is accounted when the amount is due forpayment as per the Kuri Rules and Regulations between the foreman and subscriber.
ii) Dividend income: Dividend income is recognized when the Company's right to receivedividend is established by the reporting date. Dividend income is recognised when theright to receive payment is established.
iii) Income from investments: Profit earned from sale of securities recognised on trade datebasis .The cost of securities is computed on weighted average basis
iv) Other Income: Other income includes late fee collected, discount profit collected etc.,are accounted only when they are actually collected.
2.4 Tangible assets
Tangible fixed assets are carried at the cost of acquisition or construction, less accumulateddepreciation and accumulated impairment losses if any. Subsequent expenditures related toan item of tangible asset are added to its book value only if they increase the future benefitsfrom the existing asset beyond its previously assessed standard of performance.
The cost of fixed assets comprises of its purchase price, including import duties and other
non-refundable taxes or levies and any directly attributable cost of bringing the asset to its
working condition for its intended use.
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
BRD FINANCE LIMITED
Tangible assets not ready for the intended use on the date of Balance Sheet are disclosed as
"Capital work-in-progress". Advances given towards acquisition of fixed assets outstanding at
each balance sheet date are disclosed as Long Term Loans & Advances.
Gains or losses arising from disposal of tangible assets which are carried at cost are recognised
in the Statement of Profit and Loss.
Depreciation is provided on a pro-rata basis on the Written down Value method at the ratesprescribed under Schedule II to the Companies Act, 2013.
2.5. Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Followinginitial recognition, intangible assets are carried at cost less accumulated amortization andaccumulated impairment losses, if any. Intangible assets are amortized on a straight linebasis over the estimated useful economic life.
2.6. Depreciation and Amortisation
Depreciation on tangible fixed assets is provided using the Written down value Method basedon the useful life of the asset and is charged to the Statement of Profit and Loss in the mannerprescribed in Schedule II to the Companies Act, 2013.
Intangible Assets are amortised on a Straight Line basis over the estimated useful economiclife. Computer Software which is not an integral part of the related hardware is classified asan intangible asset, and amortised over a period of five years, being its estimated useful life.
2.7. Impairment
At Balance Sheet date, an assessment is done to determine whether there is any indication ofimpairment in the carrying amount of the Company's assets. If any such indication exists, theasset's recoverable amount is estimated. An impairment loss is recognised whenever thecarrying amount of an asset exceeds its recoverable amount.
An assessment is also done at each Balance Sheet date whether there is any indication that animpairment loss recognised for an asset in prior accounting periods may no longer exist or mayhave decreased. If any such indication exists, the asset's recoverable amount is estimated. Thecarrying amount of the fixed asset is increased to the revised estimate of its recoverable amountbut so that the increased carrying amount does not exceed the carrying amount that would havebeen determined had no impairment loss been recognised for the asset in prior years. A reversalof impairment loss is recognised in the Statement of Profit and Loss for the year.
After recognition of impairment loss or reversal of impairment loss as applicable, thedepreciation charge for the fixed asset is adjusted in future periods to allocate the asset'srevised carrying amount, less its residual value (if any), on written down value basis over itsremaining useful life.
2.8. Investments
Investments are classified into current and non-current investments. Investments that arereadily realisable and are intended to be held for not more than one year from the date onwhich such investments are made, are classified as Current investments. All other investmentsare classified as long-term investments.
On initial recognition, all investments are measured at cost. The cost comprises purchaseprice and directly attributable acquisition charges such as brokerage, fees and duties. Currentinvestments are stated at the lower of cost and fair value. The comparison of cost and fair
28
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
BRD FINANCE LIMITED
value is done separately in respect of each category of investments. Long-term investmentsare carried at cost. However, provision for diminution in value is made to recognize a declineother than temporary in the value of the investments. Investment in subsidiary company isstated at cost.
On disposal of an investment, the difference between its carrying amount and net disposalproceeds is charged or credited to the statement of profit and loss.
2.9. Inventories
(i) Securities/Shares acquired with the intention of short-term holding and trading positionsare considered as stock - in - trade and disclosed as current assets.
(ii) Securities /Shares held as stock - in - trade are valued at lower of cost and market value
2.10. Receivables and Loans and advances
Receivables and Loans and advances are stated after making adequate provisions for doubtfulbalances.
2.11. Employee Benefits
Short Term Employee Benefits: All employee benefits payable wholly within twelve months ofrendering the service are classified as short term employee benefits and they are recognizedin the period in which the employee renders the related service. The Company recognizes theundiscounted amount of short term employee benefits expected to be paid in exchange forservices rendered as a liability (accrued expense)
Post-employment benefits:
1. Defined contribution plans: Defined contribution plans are employee state insurancescheme and employee pension scheme all applicable employees and superannuation schemefor eligible employees. The Company's contribution to defined contribution plans arerecognised in the Statement of Profit and Loss in the financial year to which they relate.
2. Defined benefit plans: Eligible Employees receives benefit from the provided fund, whichis a defined benefit plan. Both the employee and company make monthly contribution toprovided fund plan equal to a specified percentage of covered employee's salary. TheCompany has no obligation other than the contribution payable to provident fundauthorities.
3. Gratuity scheme: The Company operates a defined benefit gratuity plan for employees.The gratuity benefit of the Company is administered by a trust formed for this purposethrough the group gratuity scheme. The Company contributes to a separate entity (afund), towards meeting the Gratuity obligation and is on the basis of an actuarial valuationon projected unit credit method made at the end of each financial year. Actuarial gainsand losses for defined benefit plan are recognized in full in the period in which they occurin the statement of profit and loss.
Other long term employee benefits: Entitlements to annual leave and sick leave are recognizedwhen they accrue to employees. Sick leave can only be availed while annual leave can either beavailed or encased subject to a restriction on the maximum number of accumulation of leave.The Company measures the expected cost of such absences as the additional amount that itexpects to pay as a result of the unused entitlement that has accumulated at the reportingdate.
2.12. Borrowing Cost
Borrowing cost includes interest, amortization of ancillary costs incurred in connection withthe arrangement of borrowings and exchange differences arising from foreign currency
29
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
BRD FINANCE LIMITED
borrowings to the extent they are regarded as an adjustment to the interest cost.
Borrowing costs, if any, directly attributable to the acquisition, construction or production ofan asset that necessarily takes a substantial period of time to get ready for its intended useor sale are capitalized. All other borrowing costs are expensed in the period they occur.
2.13. Income taxes
Tax expense comprises of current tax (i.e. amount of tax for the period determined inaccordance with the Income Tax Act, 1961) and deferred tax charge or credit (reflecting thetax effects of timing differences between accounting income and taxable income for theperiod).
Current tax is measured at the amount expected to be paid to (recovered from) the taxationauthorities using the applicable tax rates and tax laws.
Deferred tax is recognised for all the timing differences, subject to the consideration ofprudence in respect of deferred tax assets. Deferred tax assets and liabilities are measuredusing the tax rates and tax laws that have been enacted or substantively enacted by theBalance Sheet date. Deferred tax assets are recognised only to the extent there is reasonablecertainty that the assets can be realised in future; however, where there is unabsorbeddepreciation or carry forward loss under taxation laws, deferred tax assets are recognisedonly if there is a virtual certainty of realisation of such assets. The carrying amount ofdeferred tax assets is reviewed at each Balance Sheet date for any write down, as consideredappropriate.
Current tax assets and current tax liabilities are offset when there is a legally enforceableright to set off the recognised amounts and there is an intention to settle the asset and theliability on a net basis. Deferred tax assets and deferred tax liabilities are offset when thereis a legally enforceable right to set off assets against liabilities representing current tax andwhere the deferred tax assets and deferred tax liabilities relate to taxes on income levied bythe same governing taxation laws.
2.14. Cash and Cash equivalents
In the cash flow statement, cash and cash equivalents include cash in hand, term depositswith banks and other short-term highly liquid investments with original maturities of threemonths or less.
2.15. Earnings per share
The basic earnings per share is calculated by dividing the net profit for the period attributableto equity shareholders by the weighted average number of equity shares outstanding duringthe period. The weighted average number of equity shares outstanding during the period andfor all periods presented is adjusted for events, such as bonus shares, other than the conversionof potential equity shares that have changed the number of equity shares outstanding, withouta corresponding change in resources. For the purpose of calculating diluted earnings per share,the net profit for the period attributable to equity shareholders and the weighted averagenumber of shares outstanding during the period is adjusted for the effects of all dilutivepotential equity shares.
2.16. Provisions and Contingent liabilities
A provision is recognised when the Company has a present obligation as a result of past eventand it is probable that an outflow of resources will be required to settle the obligation, inrespect of which reliable estimate can be made. Provisions .These are reviewed at eachbalance sheet date and adjusted to reflect the current best estimates. Contingent liabilitiesare not recognised in the financial statements. A contingent asset is neither recognised nordisclosed in the financial statements.
30
BRD FINANCE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
3 SHARE CAPITAL 31.03.2017 31.03.2016
Rs. Rs.
Share Capital
Authorized :
1,50,00,000 (31 Mar 2015 : 1,50,00,000) Equity shares of ` 10/- each 150,000,000 150,000,000
Issued, Subscribed and Paid-up
1,49,61,924 (31 Mar 2015 : 1,49,61,924) Equity shares of `10/- each 149,619,240 149,619,240
Total 149,619,240 149,619,240
i. Reconciliation of the shares at the beginning and at the end of the reporting period:
Equity Shares 31.03.2017 31.03.2016
Number Value Number Value
No. of shares at the beginning of the year 14,961,924 149,619,240 10,746,626 107,466,260
Add: Issued During the year – – – –
Add: Bonus Issue During the year – – 2,281,662 22,816,620
Less : Shares bought back – – – –
Outstanding at the end of the year 14,961,924 149,619,240 14,961,924 149,619,240
ii. Terms / rights attached to equity shares
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder
of equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution
will be in proportion to the number of equity shares held by the shareholders.
iii. List of shareholders holding more than 5% of Share Capital
Name of Shareholder 31.03.2017 31.03.2016
No. of % of Share No. of % of Share
shares held holding shares held holding
C C William Verghese 2059288 13.76% 2319513 15.50%
Outstanding at the end of the year 2059288 13.76% 2319513 15.50%
31.03.2017 31.03.2016
Rs. Rs.
4 RESERVES AND SURPLUSGeneral Reserve
Amount as per Last Balance Sheet 70,963,310 57,683,550
(+) Addtions/ transfers during the Year 9,303,410 13,279,760
Closing Balance 80,266,720 70,963,310
Surplus
Balance as per last financial statements 208,519,312 178,216,913
(+) Net profit/(net loss) for the current year 48,414,341 66,398,779
(-) Transfer to Reserve 9,303,410 13,279,760
(-) interim divd declared 26,931,463
(-) Dividend distribution tax 5,482,612
(-) Allotment of Bonus Shares - 22,816,620
215,216,168 208,519,312
TOTAL 295,482,888 279,482,622
31
BRD FINANCE LIMITED
32
31.03.2017 31.03.2016
Rs Rs
5 DEFERRED TAX LIABILITY / (ASSET) :
Deferred Tax Liability
Fixed assets: Impact of difference between tax depreciation
and depreciation/amortisation charged for the financial reporting 217,980 236,270
Others - -
Net Deffered Tax Liability / (Asset) 217,980 236,270
6 SHORT TERM BORROWINGS
From ank
Loan Against FD 9,000,000 -
From Others
ICD- BRD Kuries Limited - 10,000,000
ICD- BRD Developers & builders Ltd 41,000,000 -
50,000,000 10,000,000
7 OTHER CURRENT LIABILITIES
(a) Current maturities of long-term debt – –
(b) Other payables
(i) Kuri Accounts Payable 470,266,112 639,977,955
(ii) Statutory remittances (Refer note(i) below) 950,077 1,158,460
(iii) Salaries and Wages Payable - -
(iv) Expenses Payable 276,000 207,000
(v) Interest Accrued on Others 383,111 8,869,701
(vi) KSD Payable 3,396,184 3,902,135
TOTAL 475,271,484 654,115,251
(i) Statutory dues includes provident fund, employees state insurance, professional tax, withholding
taxes and indirect tax payable
8 SHORT TERM PROVISIONS
(a) Provision for employee benefits:
(b) Provision - Others:
(i) Provision for Income Tax (Refer note(i) below) 282,912 8,621,059
TOTAL 282,912 8,621,059
(i) Net of Advance Tax Rs. 2,45,00,000 & TDS Rs 45,46,403, P.Y Advance Tax Rs.2,68,00,000 & TDS Rs.57,53,851)
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
BRD FINANCE LIMITED
33
1.4.
2016
Add
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BRD FINANCE LIMITED
34
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
31.03.2017 31.03.2016
Rs Rs
9 NON-CURRENT INVESTMENTS
Non-trade investments (valued at cost unless stated otherwise):
Investment in equity instruments (unQuoted)
(i) of subsidiaries
BRD Kuries India Limited (1450000 shares @ 10 each) 14,500,000 14,500,000
BRD Chits Limited (600000 shares @ 10 each) 6,000,000 6,000,000
(ii) of associates
BRD Developers & Builders Limited (1000000 shares @ 10 each) 10,000,000 10,000,000
(iii) of other entities
Manappuram Jwellery – 20,000,000
Investment in Debentures
BRD Securities Ltd - Non Convertible Debentures 266,953,000 57,097,000
TOTAL 87,597,000 62,681,000
10 LONG TERM LOANS AND ADVANCES
(a) Fixed Deposits
Unsecured, considered good 112,500 112,500
KML Deposit 306,000 300,000
TOTAL 418,500 412,500
11 OTHER NON-CURRENT ASSETS
Gratuity fund 221,517 310,250
Deposit with bank 10,000,000 290,000,000
TOTAL 10,221,517 290,310,250
12 INVENTORIES
Stock in Trade 299,746,890 293,085,210
TOTAL 299,746,890 293,085,210
13 CASH AND BANK BALANCES :
Cash and Cash Equivalents
(a) Cash in hand 127,812 11,184,932
(b) Balance with banks
(i) In Current Accounts 20,942,297 70,371,463
TOTAL 21,070,108 81,556,395
BRD FINANCE LIMITED
35
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
14 SHORT TERM LOANS AND ADVANCES :
Loans and advances to related Parties
ICD Loans – 38,050,000
Balances with government authorities
Unsecured, considered good
Income Tax Receivable 1,213,315 1,213,315
Loans and advances to employees – 13,170
Others
Chitty Advances 196,801,127 160,266,695
Other Advancees 2,717,023 1,200,000
Land Advances 14,500,000 14,500,000
TOTAL 215,231,465 215,243,180
Advances recoverable in cash or in kind or for value to be received
15 OTHER CURRENT ASSETS :
(a) Accruals
Interest accrued on deposits/Securities 44,166,175 40,030,892
(b) Others
Stock of Stationery 100,000 100,000
Other Income Receivable 8,000 8,000
Receivable from BRD Motors 67,240,460 67,240,460
Kuri Receivables - 6,938,781
Other Advances & Receivables 2,750,000 153,360
TOTAL 114,264,635 114,471,493
16 REVENUE FROM OPERATIONS :
Foreman's Commission 76,834,751 81,017,783
TOTAL 76,834,751 81,017,783
17 OTHER INCOME :
(a) Interest Income
Interest received from IC Deposits - 38,266,887
Interest on Kuri Advance & Loans 17,451,252 34,088,131
Interest on others 21,554,219 1,158,484
Interest on Fixed Deposits 8,161,584 6,261,056
(b) Other non-operating income (net of expenses directly
attributable to such income)
Rental income from investment properties - 10,414
Dividend Received 7,508,583 -
Profit on land sale - 5,381,107
Late fee and Discount Profit 3,504,885 1,001,147
Commission on Money Transfer 13,266 14,160
Other Miscellanious Income 120,381 544,954
TOTAL 58,314,170 86,726,340
BRD FINANCE LIMITED
36
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
18 EMPLOYEE BENEFIT EXPENSES
Salaries & Wages 5,743,410 4,869,953
Contributions to provident and other funds 777,679 433,177
Staff welfare expenses 9,280
TOTAL 6,530,369 5,303,130
Details of Employee Benefits : Disclosures required under Accounting Standard 15 – EmployeeBenefits (Revised 2005)
a. Defined Contribution Plans :
During the Year, the following amounts have been recognised in the Profit and Loss account onaccount of defined contribution plan
Employers Contribution to Provident Fund 509,862 402,386
Employers Contribution to Employee's State Insurance 204,235 169,610
b. Defined benefit Plans- Gratuity:
i. Components of employer expense
Current service cost 70,010 102,821
Interest cost 36,672 43,426
Expected return on plan assets 61,606 47,980
Actuarial losses/(gains) 50,104 (230,671)
Total expense recognised in the Statement of Profit and Loss 95,180 (132,404)
ii. Actual contribution and benefit payments for year
Actual benefit payments 90,298 -
Actual contributions 6,447 195,809
iii. Net asset / (liability) recognised in the Balance Sheet
Present value of defined benefit obligation (524,888) (458,400)
Fair value of plan assets 746,405 768,650
Funded status [Surplus / (Deficit)] 221,517 310,250
Unrecognised past service costs - -
Net asset / (liability) recognised in the Balance Sheet 221,517 310,250
iv. Change in defined benefit obligations (DBO) during the year
Present value of DBO at beginning of the year 458,400 542,824
Current service cost 70,010 102,821
Interest cost 36,672 43,426
Actuarial (gains) / losses 50,104 (230,671)
Benefits paid (90,298) -
Present value of DBO at the end of the year 524,888 458,400
v. Change in fair value of assets during the year
Plan assets at beginning of the year 768,650 524,861
Expected return on plan assets 61,606 47,980
Actual company contributions 6,447 195,809
Actuarial gain / (loss) - -
Benefits paid (90,298) -
Plan assets at the end of the year 746,405 768,650
BRD FINANCE LIMITED
37
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
vi. Composition of the plan assets is as follows:
Government bonds – –
PSU bonds – –
Equity mutual funds – –
Insurer Managed Funds 746,405 768,650
vii. Actuarial assumptions
Discount rate 8% 8%
Rate of return on plan assets 9% 9%
Salary escalation 7% 7%
The above disclosures are based on information furnished by the independent actuary and relied
upon by the auditors.
The estimates of future Salary increases, considered in the actuarial valuation, takes into account of
inflation, seniority, promotion and other relevant factors , such as supply and demand in the employment
market.
19 FINANCE COST
(a) Interest expense on :
(i) Borrowings
Interest on Kuri Deposits 44,306,735 38,072,470
Interest - BRD Developers & Builders Limited 1,799,391 -
Interest - BRD Securities Limited 1,247,790 -
Interest on BRD Kries - 822,740
Interest on FD loan 361,709 -
(ii) Others
Interest on delayed payment of income tax 1,083,691 758,251
TOTAL 48,799,316 39,653,461
20 DEPRECIATION AND AMORTISATION EXPENSES
Depreciation. 425,745 494,968
Amortisation 111,451 111,454
TOTAL 537,196 606,422
21 OTHER EXPENSES :
Advertisement charges 34,130 30,530
AGM Expense 254,112 -
Audit fees 304,750 207,000
Bank Charges 11,297 7,596
Company Secretary Fee 20,000 10,000
Income tax paid 776,826 74,002
Computer Expenses 41,570 65,043
Discount allowed on kuri - 29,400
Electricity Charges 101,935 -
Filing fee 47,900 37,800
Donation 52,140 -
BRD FINANCE LIMITED
38
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
Business Promotion Expense - 45,600
Documentation charges 7,930 -
Corporate social responsibility 1,535,000 -
KML Registration Fee 6,000 6,000
Kuri Bonus 2,351,286 4,645,700
Gratuity Premium Paid 10,000 4,191
Kuri commission 1,270,742 1,523,851
Legal charges 128,959 52,403
Miscellaneous expenses 19,668 40,098
Office Expense 33,935 184,770
Postage & Telegram 190,650 614,021
Printing & Stationery 328,265 435,471
Rates and Taxes 15,638 1,201
Audit Expense 20,774 21,480
Refreshment expenses 126,634 121,820
Rent 346,009 262,056
Rent - (Jammu) 23,600 -
Repairs and Maintenance 95,237 116,590
Service Tax Paid 13,471 22,142
Sitting Fee 6,800 21,600
Software Expense 196,614 63,790
Staff welfare expenses - 96,649
Telephone charge 96,073 88,831
Travelling expenses 394,344 600,892
Vehicle Maintanance 62,217 13,398
Diminision in value of investments - 3,942,160
bad debts w/off - 4,726,182
TOTAL 8,924,506 18,112,267
21.1 Payment to the auditors comprises :
As auditors - statutory audit 162,250 138,000
For taxation matters 50,150 41,400
For other services 35,400 27,600
Income Tax Representation Fee 35,400 -
TOTAL 283,200 207,000
22 EARNINGS PER SHARE (BASIC & DILUTED) :
Profit after tax 48,414,341 66,398,779
Weighted average number of shares 14,961,924 14,961,924
Nominal value of shares (Rs.) 10 10
Basic and diluted earnings per share (Rs.) 3.24 4.44
Adjusted earnings per share (Face value of Rs.10 each) 3.24 4.44
BRD FINANCE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
23 RELATED PARTY TRANSACTIONS
Details of Related Parties:
Description of Relationship Names of Related Parties
Subsidiaries BRD Chits Limited BRD Kuries (India) LimitedAssociates BRD Builders and Developers Limited
Key Management Personnel C C William Verghese Gigy VergheseAppumon.C.K David Raj C
Relatives of KMP Griger Chery Williams Sheeja M JJetsy Mathew Simon K C
Entities in which KMP / Relatives of BRD Securities Limited BRD Motors LimitedKMP can exercise significant influence SML Finance Limited BRD Car World Limited
Details of Related Party Transactions :
Nature of Transaction KMP Relative of Entities in which TotalKMP KMP / relatives
of KMP havesignificantinfluence
Intercorporate Deposit Accepted – – – –P Y – – – –
Intercorporate Deposit Made – – – –P Y – –
Intercorporate Deposit Re-paid – – – –P Y – – –
Intercorporate Deposit received - - 41,000,000 41,000,000P Y – – – –
Intercorporate Investments - - 297,453,000 297,453,000
P Y - - 87,597,000 87,597,000
Interest Received - - - -
P Y - - - -
Interest Paid 690,309.00 544,296.00 1,799,391 3,033,996
P Y - - - -
Deposits in Kuries - - - -
P Y 558,000.00 12,000.00 - 570,000
Commission Paid 15,837.00 38799 - 54,636
P Y - - - -
Note: Figures in italics relates to the previous year
27 Previous year figures have been regrouped or rearranged whereever necessary.
39
BRD FINANCE LIMITED
Aluva18.08.2017
Sd/-C.J. KOCHUMATHEWDirector
Sd/-C.C. WILLIAM VARGHESE
Chairman
“As per our report of even date”For Balan & Co.Chartered Accountants,FRN 000340S
Sd/-VISHNU PRASAD B. MENON FCAPartner(M.No.207626)
Sd/-APPUMON C.K
Managing Director
Kunnamkulam
18.08.2017
40
CASH FLOW STATEMENT FOR THE YEAR 31ST MARCH 2017.
In terms of AS - 3 on Cash Flow Statement under Indirect Method
Particulars 31.03.2017 31.03.2016
Rs. Rs.
A. Cash Flow from Operating activities
Net profit Before Taxation 70,357,534 104,068,845
Adjustment for:
Provision for Depreciation 537,196 606,420
Interest on Borrowings 47,353,916 38,830,721
Interest Income -47,167,055 -79,774,558
Bad Debts w/off
Interest on Income Tax 1,083,691 758,251
(Profit)/Loss on sale of Fixed Assets -1,001,147
Dividend Received -7,508,583 -5,700,835 -40,580,313
64,656,699 63,488,532
Operating profit before working capital changes
Increase/(Decrease) in Short term Borrowings 40,000,000 -
(Increase)/Decrease in Inventories - -6,661,680
(Increase)/Decrease in Short term Advances & Other Assets 280,301,306 -30,894,368
Increase/(Decrease) in Sundry Creditors & Other liabilities -178,843,767 141,457,539 -1,069,652 -38,625,700
Cash from operations 206,114,238 24,862,832
Income tax paid -31,383,321 -34,721,637
Net cash from operating activities 174,730,917 -9,858,804
B. Cash flow from Investing Activities
Purchase of Fixed assets -268,850 -1,081,254
Capital Work-in-Progress -
Sale of Fixed assets - 3,720,000
Interest Income 47,167,055 79,774,558
Increase in Investments -209,856,000 -24,916,000
Dividend Received 7,508,583
Net cash from Investing activities -155,449,212 57,497,304
C. Cash flow from Financing activities
Interim Dividend Paid -32,414,075 -
Interest on borrowings -47,353,916 -38,830,721
Net Cash flow from Financing Activities -79,767,991 -38,830,721
Net Increase/Decrease in Cash & Cash Equivalents -60,486,286 8,807,779
Opening Cash & Cash Equivalents 81,556,396 72,748,617
Closing Cash & Cash Equivalents 21,070,110 81,556,396
BRD FINANCE LIMITED
Aluva18.08.2017
Sd/-
C.J. KOCHUMATHEW
Director
Sd/-
C.C. WILLIAM VARGHESE
Chairman
“As per our report of even date”For Balan & Co.Chartered Accountants,FRN 000340S
Sd/-VISHNU PRASAD B. MENON FCAPartner(M.No.207626)
Sd/-
APPUMON C.K
Managing Director
Kunnamkulam
18.08.2017
41
INDEPENDENT AUDITORS’ REPORT
ToThe Members of BRD Finance Limited
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying consolidated
financial statements of M/s BRD Finance Limited
(hereinafter referred to as "the Holding
Company"), its subsidiaries (the Holding
Company and its subsidiaries together referred
to as "the Group"), comprising the Consolidated
Balance Sheet as at 31st March, 2017, the
Consolidated Statement of Profit and Loss,
Consolidated Cash Flows Statement for the year
then ended, and a summary of significant
accounting policies and other explanatory
information (hereinafter referred to as "the
consolidated financial statements").
MANAGEMENT’S RESPONSIBILITY FOR THEFINANCIAL STATEMENTS
The Holding Company's Board of Directors is
responsible for the preparation of these
consolidated financial statements in terms of the
requirements of the Companies Act, 2013
(hereinafter referred to as "the Act") that give a
true and fair view of the consolidated financial
position, consolidated financial performance and
consolidated cash flows of the Group including
its associates in accordance with the accounting
principles generally accepted in India, including
the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014 (particularly Accounting
Standard 21 and Financial Reporting of Interest
in Joint Ventures).The respective Board of
Directors of the companies included in the Group
and of its associates are responsible for
maintenance of adequate accounting records in
accordance with the provisions of the Act for
safeguarding the assets of the Group and for
preventing and detecting frauds and other
irregularities; the selection and application of
appropriate accounting policies; making
judgments and estimates that are reasonable and
prudent; and the design, implementation and
maintenance of adequate internal financial
controls, that were operating effectively for
ensuring the accuracy and completeness of the
accounting records, relevant to the preparation
and presentation of the financial statements that
give a true and fair view and are free from
material misstatement, whether due to fraud or
error, which have been used for the purpose of
preparation of the consolidated financial
statements by the Directors of the Holding
Company, as aforesaid.
AUDITORS’ RESPONSIBILITY
Our responsibility is to express an opinion on
these consolidated financial statements based on
our audit. While conducting the audit, we have
taken into account the provisions of the Act, the
accounting and auditing standards and matters
which are required to be included in the audit
report under the provisions of the Act and the
Rules made thereunder.
We conducted our audit in accordance with the
Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance
about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain
audit evidence about the amounts and the
disclosures in the consolidated financial
statements. The procedures selected depend on
the auditor's judgment, including the assessment
of the risks of material misstatement of the
consolidated financial statements, whether due
to fraud or error. In making those risk
assessments, the auditor considers internal
financial control relevant to the Holding
Company's preparation of the consolidated
financial statements that give a true and fair
view in order to design audit procedures that are
appropriate in the circumstances. An audit also
includes evaluating the appropriateness of the
accounting policies used and the reasonableness
of the accounting estimates made by the Holding
Company's Board of Directors, as well as
evaluating the overall presentation of the
consolidated financial statements.
BRD FINANCE LIMITED
42
An audit involves performing procedures to obtain
audit evidence about the amounts and the
disclosures in the financial statements. The
procedures selected depend on the auditor's
judgment, including the assessment of the risks
of material misstatement of the financial
statements, whether due to fraud or error. In
making those risk assessments, the auditor
considers internal financial control relevant to the
Company's preparation of the financial statements
that give a true and fair view in order to design
audit procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on whether the Company
has in place an adequate internal financial controls
system over financial reporting and the operating
effectiveness of such controls. An audit also
includes evaluating the appropriateness of the
accounting policies used and the reasonableness
of the accounting estimates made by the
Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our audit opinion on the consolidated
financial statements
OPINION
In our opinion and to the best of our information
and according to the explanations given to us,
the aforesaid consolidated financial statements
give the information required by the Act in the
manner so required and give a true and fair view
in conformity with the accounting principles
generally accepted in India, of the consolidated
state of affairs of the Group and its associate's
entities as at March 31, 2017, and their
consolidated profit and their consolidated cash
flows for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS
1. 1. As required by section 143 (3) of the Act,
we report, to the extent applicable, that:
a. we have sought and obtained all the
information and explanations which to
the best of our knowledge and belief were
necessary for the purpose of our audit
of the aforesaid consolidated financial
statements;
b. In our opinion, proper books of account
as required by law relating to preparation
of the aforesaid consolidated financial
statements have been kept so far as it
appears from our examination of those
books and the reports of the other
auditors.
c. The Consolidated Balance Sheet, the
Consolidated Statement of Profit and
Loss, and the Consolidated Cash Flow
Statement dealt with by this Report are
in agreement with the relevant books of
account maintained for the purpose of
preparation of the consolidated financial
statements.
d. in our opinion, the aforesaid
consolidated financial statements comply
with the Accounting Standards specified
under section 133 of the Act, read with
Rule 7 of the Companies (Accounts)
Rules, 2014;
e. On the basis of written representations
received from the directors as on March
31, 2017 taken on record by the Board of
Directors, none of the directors of the
Group companies and its associate is
disqualified as on March 31, 2017 from
being appointed as a director in terms
of Section 164 (2) of the Act.
f. With respect to the adequacy and the
operating effectiveness of the internal
financial controls over financial reporting
of the Holding Company and its
subsidiary companies incorporated in
India, refer to our separate report in
Annexure 1 to this report;
g. With respect to the other matters to be
included in the Auditor's Report in
accordance with Rule 11 of the
Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of
our information and according to the
explanations given to us:
BRD FINANCE LIMITED
43
BRD FINANCE LIMITED
i. The Holding Company, its subsidiary
company and its associates does not
have any pending litigations which
would impact its financial position.
ii. The Holding Company, its subsidiary
company and its associates did not
have any long-term contracts including
derivative contracts for which there
were any material foreseeable losses.
iii. There has been no delay in
transferring amounts, required to be
transferred, to the Investor Education
and Protection Fund by the Holding
Company, its subsidiary company and
its associates.
iv. The Company has not provided
requisite disclosures in the financial
statements as to holdings as well as
dealings in Specified Bank Notes
during the period from 8th November,
2016 to 30th December, 2016.
For Balan & Co.,
Chartered Accountants
(FRN 000340S)
Sd/-Vishnu Prasad B. Menon FCA
Partner (M. No. 207626)
Aluva,
18.08.2017.
"Annexure 1" to the Independent Auditor's Report of even date on theFinancial Statements of BRD Finance Limited.
Report on the Internal Financial Controls under
Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 ("the Act")
In conjunction with our audit of the consolidated
financial statements of BRD Finance Limited ("the
Holding Company") as of and for the year ended
31st March, 2017, we have audited the internal
financial controls over financial reporting of the
Holding Company, its subsidiary companies and
associates , incorporated in India as of that date.
Management's Responsibility for InternalFinancial Controls
The Company's management is responsible for
establishing and maintaining internal financial
controls based on the internal control over
financial reporting criteria established by the
Company considering the essential components
of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of
Chartered Accountants of India. These
responsibilities include the design,
implementation and maintenance of adequate
internal financial controls that were operating
effectively for ensuring the orderly and efficient
conduct of its business, including adherence to
company's policies, the safeguarding of its assets,
the prevention and detection of frauds and errors,
the accuracy and completeness of the accounting
records, and the timely preparation of reliable
financial information, as required under the
Companies Act, 2013.
Auditors' Responsibility
Our responsibility is to express an opinion on the
Company's internal financial controls over
financial reporting based on our audit. We
conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the "Guidance
Note") and the Standards on Auditing, issued by
ICAI and deemed to be prescribed under section
143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial
controls, both applicable to an audit of Internal
Financial Controls and, both issued by the Institute
of Chartered Accountants of India. Those
44
BRD FINANCE LIMITED
Standards and the Guidance Note require that we
comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance
about whether adequate internal financial controls
over financial reporting was established and
maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to
obtain audit evidence about the adequacy of the
internal financial controls system over financial
reporting and their operating effectiveness. Our
audit of internal financial controls over financial
reporting included obtaining an understanding of
internal financial controls over financial reporting,
assessing the risk that a material weakness exists,
and testing and evaluating the design and
operating effectiveness of internal control based
on the assessed risk. The procedures selected
depend on the auditor's judgement, including the
assessment of the risks of material misstatement
of the financial statements, whether due to fraud
or error.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Company's
internal financial controls system over financial
reporting.
Meaning of Internal Financial Controls overFinancial Reporting
A company's internal financial control over
financial reporting is a process designed to
provide reasonable assurance regarding the
reliability of financial reporting and the
preparation of financial statements for external
purposes in accordance with generally accepted
accounting principles. A company's internal
financial control over financial reporting includes
those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable
detail, accurately and fairly reflect the
transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance thattransactions are recorded as necessary to permitpreparation of financial statements in accordancewith generally accepted accounting principles, andthat receipts and expenditures of the companyare being made only in accordance withauthorisations of management and directors ofthe company; and (3) provide reasonableassurance regarding prevention or timelydetection of unauthorised acquisition, use, ordisposition of the company's assets that couldhave a material effect on the financialstatements.
Inherent Limitations of Internal FinancialControls Over Financial Reporting
Because of the inherent limitations of internalfinancial controls over financial reporting,including the possibility of collusion or impropermanagement override of controls, materialmisstatements due to error or fraud may occurand not be detected. Also, projections of anyevaluation of the internal financial controls overfinancial reporting to future periods are subjectto the risk that the internal financial control overfinancial reporting may become inadequatebecause of changes in conditions, or that thedegree of compliance with the policies orprocedures may deteriorate.
Opinion
In our opinion, the Company has, in all materialrespects, an adequate internal financial controlssystem over financial reporting and such internalfinancial controls over financial reporting wereoperating effectively as at March 31, 2017, basedon the internal control over financial reportingcriteria established by the Company consideringthe essential components of internal controlstated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued
by the Institute of Chartered Accountants of India.
For Balan & Co.,
Chartered Accountants
(FRN 000340S)
Sd/-Vishnu Prasad B. Menon FCA
Partner (M. No. 207626)
Aluva,
18.08.2017
45
Sd/-C.J. KOCHUMATHEWDirector
Sd/-C.C. WILLIAM VARGHESE
Chairman
Aluva
18.08.2017
“As per our report of even date”For Balan & Co.Chartered Accountants,FRN 000340SSd/-VISHNU PRASAD B. MENON, FCAPartner(M.No.207626)
BRD FINANCE LIMITED
Sd/-APPUMON C.K
Managing Director
Kunnamkulam
18.08.2017
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2017
Particulars Note 31.03.2017 31.03.2016
No. Rs. Rs.
I. EQUITY AND LIABILITIES
(1) Shareholders’ Funds
(a) Share Capital 3 149,619,240 149,619,240
(b) Reserves & Surplus 4 328,228,951 290,464,624
(c) Money received against share warrants - -
(2) Share application money pending allotment - -
(3) Minority Interest 1,862,800 1,636,067
(4) Non-Current Liabilities
(a) Long term borrowings
(b) Deferred tax liabilities (Net) 5 128,590 116,060
(c) Other long term liabilities
(d) Long term provisions
(5) Current Liabilities
(a) Short term bank borrowings 6 50,000,000 -
(b) Trade payables - -
(c) Other current liabilities 7 476,405,352 658,995,390
(d) Short-term provisions 8 1,861,020 10,569,855
TOTAL 1,008,105,954 1,111,401,236
II. ASSETS
(1) Non-current assets
(a) Fixed assets
(i) Tangible assets 9 12,313,924 12,495,949
(ii) Intangible assets 335,263 334,354
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non-current investments 10 298,262,416 70,053,036
(c) Deferred tax assets (net)
(e) Long term loans and advances 11 418,500 412,500
(f) Other non-current assets 12 10,221,517 290,310,250
(2) Current assets(a) Current investments
(b) Inventories 13 299,746,890 299,746,890
(c) Trade receivables - -
(d) Cash and bank balances 14 48,877,478 101,121,619
(f) Short-term loans and advances 15 217,076,217 219,126,980
(g) Other current assets 16 120,853,748 117,799,658
TOTAL 1,008,105,954 1,111,401,236
Notes are an integral part of the financial statements 1-27
46
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2017
Particulars Note 31.03.2017 31.03.2016
No. Rs. Rs.
REVENUE
Revenue from Operations 17 81,674,751 87,197,783
Other income 18 59,986,655 87,870,886
TOTAL REVENUE 141,661,406 175,068,669
EXPENSES
Cost of materials consumed
Purchases of Stock-in-Trade
Changes in inventories of finished goods,
work-in-progress
Employee benefit expense 19 7,031,105 5,922,640
Finance cost 20 48,948,711 38,830,721
Depreciation and amortization Expenses 21 590,417 651,394
Other expense 22 9,487,297 19,174,726
TOTAL EXPENSES 66,057,530 64,579,481
Profit before Tax 75,603,876 110,489,188
Tax Expense
(a) Current tax 23,539,591 39,643,032
(b) Deferred tax 12,530 2,140
23,552,121 39,645,172
Profit (Loss) for the year(before adjustment for minority interest) 52,051,755 70,844,016
Share of Profit/(Loss) of Associate (Net) 18,353,381 1,276,431
Share of (Profit)/Loss transferred to Minority Interest -226,733 -295,097
Profit (Loss) for the year ( after adjustment for minority interest) 70,178,403 71,825,351
Earnings Per Equity Share of face value of Rs. 10 eachEarnings Per Equity Share (Basic and Diluted ) 23 3.48 4.73
Adjusted earnings per share 3.48 4.73
Notes are an integral part of the financial statements
BRD FINANCE LIMITED
Aluva18.08.2017
Sd/-C.J. KOCHUMATHEWDirector
Sd/-C.C. WILLIAM VARGHESE
Chairman
“As per our report of even date”For Balan & Co.Chartered Accountants,FRN 000340S
Sd/-VISHNU PRASAD B. MENON FCAPartner(M.No.207626)
Sd/-APPUMON C.K
Managing Director
Kunnamkulam
18.08.2017
47
SIGNIFICANT ACCOUNTING POLICIES FOLLOWED IN PREPARING THE FINANCIAL STATEMENTS
1) Company Overview
BRD Finance Limited ('BRD Fin' or 'the Company') and its subsidiaries (collectively referred to
as "the Group") engaged in the chit Business. BRD Finance Limited ('the company') is a public
limited company incorporated in the year 1995. With professionalism and aggressive approach
towards achieving continual improvement in the sphere of professional excellence, saw this
small chit fund growing to become one of the top most chit Fund Companies of the Country
today with many a distinctions.
2) Significant accounting policies
2.1 Basis of preparation
These financial statements have been prepared in accordance with the Generally Accepted
Accounting Principles in India ('Indian GAAP') to comply with the Accounting Standards specified
under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts)
Rules, 2014 and the relevant provisions of the Companies Act, 2013(to the extent notified)
and other accounting principles generally accepted in India, to the extent applicable.
The financial statements have been prepared under the historical cost convention on accrual
basis, except for certain financial instruments which are measured at fair value.
2.2. Principles of consolidation
The financial statements of the subsidiary companies used in the consolidation are drawn up
to the same reporting date as of the Company.
The consolidated financial statements have been prepared on the following basis:
i) The financial statements of the Company and its subsidiary companies have been combined
on a line-by-line basis by adding together like items of assets, liabilities, income and
expenses. Inter-company balances and transactions and unrealised profits or losses have
been fully eliminated.
ii) The share of profit / loss of associate companies is accounted under the 'Equity method'
as per which the share of profit / loss of the associate company has been adjusted to the
cost of investment. An associate is an enterprise in which the investor has significant
influence and which is neither a subsidiary nor a joint venture.
iii) The excess of the cost to the parent of its investments in a subsidiary over the parent's
portion of equity at the date on which investment in the subsidiary is made, is recognised
as 'Goodwill (on consolidation)'. When the cost to the parent of its investment in a
subsidiary is less than the parent's portion of equity of the subsidiary at the date on
which investment in the subsidiary is made, the difference is treated as 'Capital Reserve
(on consolidation)' in the consolidated financial statements.
iv) Minority interest in the net assets of consolidated subsidiaries consists of the amount of
equity attributable to the minority shareholders at the dates on which investments in the
subsidiary companies are made and further movements in their share in the equity,
subsequent to the dates of investments.
v) On disposal of a subsidiary, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
BRD FINANCE LIMITED
2.3. Uses of Estimates
The preparation of financial statements requires the management of the Company to make
estimates and assumptions that affect the reported balances of assets and liabilities and
disclosures relating to the contingent liabilities as at the date of the financial statements and
reported amounts of income and expense during the year. Examples of such estimates include
provisions for doubtful receivables, employee benefits, provision for income taxes, the useful
lives of depreciable fixed assets and provision for impairment.
Future results could differ due to changes in these estimates and the difference between the
actual result and the estimates are recognised in the period in which the results are known /
materialise
2.4. Revenue recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to
the Company and the revenue can be reliably measured. The following specific recognition
criteria must also be met before revenue is recognised.
(i) Foreman's Commission: Foreman's commission is accounted when the amount is due for
payment as per the Kuri Rules and Regulations between the foreman and subscriber.
(ii) Dividend income: Dividend income is recognized when the Company's right to receive
dividend is established by the reporting date. Dividend income is recognised when the
right to receive payment is established.
(iii) Income from investments: Profit earned from sale of securities recognised on trade date
basis .The cost of securities is computed on weighted average basis
(iv) Other Income: Other income includes late fee collected, discount profit collected etc.,
are accounted only when they are actually collected.
2.4. Tangible assets
Tangible fixed assets are carried at the cost of acquisition or construction, less accumulated
depreciation and accumulated impairment losses if any. Subsequent expenditures related to
an item of tangible asset are added to its book value only if they increase the future benefits
from the existing asset beyond its previously assessed standard of performance.
The cost of fixed assets comprises of its purchase price, including import duties and other
non-refundable taxes or levies and any directly attributable cost of bringing the asset to its
working condition for its intended use.
Tangible assets not ready for the intended use on the date of Balance Sheet are disclosed as
"Capital work-in-progress". Advances given towards acquisition of fixed assets outstanding at
each balance sheet date are disclosed as Long Term Loans & Advances.
Gains or losses arising from disposal of tangible assets which are carried at cost are recognised
in the Statement of Profit and Loss.
Depreciation is provided on a pro-rata basis on the Written down value, as to write-off the cost
of the assets over the useful lives prescribed under Schedule II to the Companies Act, 2013.
2.5. Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following
initial recognition, intangible assets are carried at cost less accumulated amortization and
48
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
BRD FINANCE LIMITED
accumulated impairment losses, if any. Intangible assets are amortized on a straight line
basis over the estimated useful economic life.
2.6. Depreciation and Amortisation
Depreciation on tangible fixed assets is provided using the Written down value Method based
on the useful life of the asset and is charged to the Statement of Profit and Loss in the manner
prescribed in Schedule II to the Companies Act, 2013.
Intangible Assets are amortised on a Straight Line basis over the estimated useful economic
life Computer Software which is not an integral part of the related hardware is classified as an
intangible asset, and amortised over a period of five years, being its estimated useful life.
2.7. Impairment
At Balance Sheet date, an assessment is done to determine whether there is any indication of
impairment in the carrying amount of the Company's assets. If any such indication exists, the
asset's recoverable amount is estimated. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount.
An assessment is also done at each Balance Sheet date whether there is any indication that an
impairment loss recognised for an asset in prior accounting periods may no longer exist or
may have decreased. If any such indication exists, the asset's recoverable amount is estimated.
The carrying amount of the fixed asset is increased to the revised estimate of its recoverable
amount but so that the increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised for the asset in prior
years. A reversal of impairment loss is recognised in the Statement of Profit and Loss for the
year.
After recognition of impairment loss or reversal of impairment loss as applicable, the
depreciation charge for the fixed asset is adjusted in future periods to allocate the asset's
revised carrying amount, less its residual value (if any), on written down value basis over its
remaining useful life.
2.8. Investments
Investments are classified into current and non-current investments. Investments that are
readily realisable and are intended to be held for not more than one year from the date on
which such investments are made, are classified as Current investments. All other investments
are classified as long-term investments.
On initial recognition, all investments are measured at cost. The cost comprises purchase
price and directly attributable acquisition charges such as brokerage, fees and duties. Current
investments are stated at the lower of cost and fair value. The comparison of cost and fair
value is done separately in respect of each category of investments. Long-term investments
are carried at cost. However, provision for diminution in value is made to recognize a decline
other than temporary in the value of the investments. Investment in subsidiary company is
stated at cost.
On disposal of an investment, the difference between its carrying amount and net disposal
proceeds is charged or credited to the statement of profit and loss.
49
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
BRD FINANCE LIMITED
2.9. Inventories
Securities/Shares acquired with the intention of short-term holding and trading positions are
considered as stock - in - trade and disclosed as current assets.
Securities /Shares held as stock - in - trade are valued at lower of cost and market value.
2.10. Employee Benefits
Short Term Employee Benefits: All employee benefits payable wholly within twelve months of
rendering the service are classified as short term employee benefits and they are recognized
in the period in which the employee renders the related service. The Company recognizes the
undiscounted amount of short term employee benefits expected to be paid in exchange for
services rendered as a liability (accrued expense)
Post-employment benefits:
1. Defined contribution plans: Defined contribution plans are employee state insurance scheme
and employee pension scheme all applicable employees and superannuation scheme for eligible
employees. The Company's contribution to defined contribution plans are recognised in the
Statement of Profit and Loss in the financial year to which they relate.
2. Defined benefit plans: Eligible Employees receives benefit from the provided fund, which is a
defined benefit plan. Both the employee and company make monthly contribution to provided
fund plan equal to a specified percentage of covered employee's salary.
The Company makes specified monthly contributions towards to the government administrated
pension fund.
The Company has no obligation other than the contribution payable to provident fund authorities.
3. Gratuity scheme: The Company operates a defined benefit gratuity plan for employees. The
gratuity benefit of the Company is administered by a trust formed for this purpose through
the group gratuity scheme. The Company contributes to a separate entity (a fund), towards
meeting the Gratuity obligation and is on the basis of an actuarial valuation on projected unit
credit method made at the end of each financial year. Actuarial gains and losses for defined
benefit plan are recognized in full in the period in which they occur in the statement of profit
and loss.
Other long term employee benefits: Entitlements to annual leave and sick leave are recognized
when they accrue to employees. Sick leave can only be availed while annual leave can either be
availed or encased subject to a restriction on the maximum number of accumulation of leave.
The Company measures the expected cost of such absences as the additional amount that it
expects to pay as a result of the unused entitlement that has accumulated at the reporting
date.
2.11. Borrowing Cost
Borrowing cost includes interest, amortization of ancillary costs incurred in connection with
the arrangement of borrowings and exchange differences arising from foreign currency
borrowings to the extent they are regarded as an adjustment to the interest cost.
Borrowing costs, if any, directly attributable to the acquisition, construction or production of
an asset that necessarily takes a substantial period of time to get ready for its intended use
or sale are capitalized. All other borrowing costs are expensed in the period they occur.
50
BRD FINANCE LIMITED
2.12. Income taxes
Tax expense comprises of current tax (i.e. amount of tax for the period determined in
accordance with the Income Tax Act, 1961) and deferred tax charge or credit (reflecting the
tax effects of timing differences between accounting income and taxable income for the
period).
Current tax is measured at the amount expected to be paid to (recovered from) the taxation
authorities using the applicable tax rates and tax laws.
Deferred tax is recognised for all the timing differences, subject to the consideration of
prudence in respect of deferred tax assets. Deferred tax assets and liabilities are measured
using the tax rates and tax laws that have been enacted or substantively enacted by the
Balance Sheet date. Deferred tax assets are recognised only to the extent there is reasonable
certainty that the assets can be realised in future; however, where there is unabsorbed
depreciation or carry forward loss under taxation laws, deferred tax assets are recognised
only if there is a virtual certainty of realisation of such assets. The carrying amount of
deferred tax assets is reviewed at each Balance Sheet date for any write down, as considered
appropriate.
Current tax assets and current tax liabilities are offset when there is a legally enforceable
right to set off the recognised amounts and there is an intention to settle the asset and the
liability on a net basis. Deferred tax assets and deferred tax liabilities are offset when there
is a legally enforceable right to set off assets against liabilities representing current tax and
where the deferred tax assets and deferred tax liabilities relate to taxes on income levied by
the same governing taxation laws.
2.13. Cash and Cash equivalents
In the cash flow statement, cash and cash equivalents include cash in hand, term deposits
with banks and other short-term highly liquid investments with original maturities of three
months or less.
2.14. Earnings per share
The basic earnings per share is calculated by dividing the net profit for the period attributable
to equity shareholders by the weighted average number of equity shares outstanding during
the period. The weighted average number of equity shares outstanding during the period and
for all periods presented is adjusted for events, such as bonus shares, other than the conversion
of potential equity shares that have changed the number of equity shares outstanding, without
a corresponding change in resources. For the purpose of calculating diluted earnings per share,
the net profit for the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period is adjusted for the effects of all dilutive
potential equity shares.
2.15. Provisions and Contingent liabilities
A provision is recognised when the Company has a present obligation as a result of past event
and it is probable that an outflow of resources will be required to settle the obligation, in
respect of which reliable estimate can be made Provisions. These are reviewed at each balance
sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not
recognised in the financial statements. A contingent asset is neither recognised nor disclosed
in the financial statements.
51
BRD FINANCE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
3 SHARE CAPITAL 31.03.2017 31.03.2016
Rs. Rs.
Share Capital
Authorized :
1,50,00,000 (31 Mar 2015 : 2,10,00,000) Equity shares of ` 10/- each 210,000,000 210,000,000
Issued, Subscribed and Paid-up
1,49,61,924 (31 Mar 2015 : 1,49,61,924) Equity shares of `10/- each 149,619,240 149,619,240
Total 149,619,240 149,619,240
i. Reconciliation of the shares at the beginning and at the end of the reporting period:
Equity Shares 31.03.2017 31.03.2016
Number Value Number Value
No. of shares at the beginning of the year 14,961,924 149,619,240 12,680,262 126,802,260
Add: Issued During the year – – – –
Add: Bonus Issue During the year – – 2,281,662 22,816,620
Less : Shares bought back – – – –
Outstanding at the end of the year 14,961,924 149,619,240 14,961,924 149,619,240
ii. Terms / rights attached to equity shares
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder ofequity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receiveremaining assets of the Company, after distribution of all preferential amounts, if any. The distributionwill be in proportion to the number of equity shares held by the shareholders.
iii. Aggregate number and class of shares alotted as fully paid up by way of bonus shares.
8020567 Shares out of the issued, subscribed and paid up share capital were allotted as fully paid
Bonus Shares, by way of capitalisation of accumulated profits.
iv. List of shareholders holding more than 5% of Share Capital
Name of Shareholder 31.03.2017 31.03.2016No. of % of Share No. of % of Share
shares held holding shares held holding
C C William Verghese 2060837 13.77% 2059288 13.72%
Outstanding at the end of the year 2060837 13.77% 2059288 13.72%
31.03.2017 31.03.2016
Rs. Rs.
4 RESERVES AND SURPLUSGeneral ReserveAmount as per Last Balance Sheet 72,507,055 58,596,464(+) Addtions/ transfers during the Year 9,734,172 13,910,591Closing Balance 82,241,227 72,507,055SurplusBalance as per last financial statements 217,957,569 182,890,388(+) Net profit/(net loss) for the current year 70,178,403 71,794,392(-) Transfer to General Reserves 9,734,172 13,910,591(-) Allotment of Bonus Shares – 22,816,620(-) Interim divd declared 26,931,463 –(-) Dividend distribution tax 5,482,612 –
Balance as at the end of the year 245,987,725 217,957,569
TOTAL 328,228,951 290,464,624
52
BRD FINANCE LIMITED
53
31.03.2017 31.03.2016
Rs Rs
5 DEFERRED TAX LIABILITY / (ASSET) :
Deferred Tax Liability
Fixed assets: Impact of difference between tax depreciation
and depreciation/amortisation charged for the financial reporting 215,880 236,270
Others -87,290 -120,210
Net Deffered Tax Liability / (Asset) 128,590 116,060
6 SHORT TERM BORROWINGS
From ank
Loan Against FD 9,000,000 -
From Others
ICD- BRD Developers & builders Ltd 41,000,000 -
50,000,000 –
7 OTHER CURRENT LIABILITIES
(a) Current maturities of long-term debt – –
(b) Other payables
(i) Kuri Accounts Payable 471,202,704 644,443,205
(ii) Statutory remittances (Refer note(i) below) 973,703 1,179,476
(iii) Salaries and Wages Payable - -
(iv) Expenses Payable 449,650 600,873
(v) Interest Accrued on Others 383,111 8,869,701
(vi) KSD Payable 3,396,184 3,902,135
TOTAL 476,405,352 658,995,390
(i) Statutory dues includes provident fund, employees state insurance, professional tax, withholding
taxes and indirect tax payable
8 SHORT TERM PROVISIONS
(a) Provision for employee benefits:
(b) Provision - Others:
(i) Provision for Income Tax 1,861,020 10,569,855
TOTAL 1,861,020 10,569,855
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
BRD FINANCE LIMITED
54
1.4.
2016
Add
itio
nsD
elet
ions
31.3
.201
71.
4.20
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ddit
ions
Del
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31.3
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Land
7,7
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- -
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87 4
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Off
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Equi
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SSET
S
BRD FINANCE LIMITED
55
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017
31.03.2017 31.03.2016
Rs Rs
10 NON-CURRENT INVESTMENTS
Non-trade investments (valued at cost unless stated otherwise):
Investment in equity instruments (unQuoted)
(i) of associates
BRD Developers & Builders Limited (1000000 shares @ 10 each) 31,309,416 12,956,036
(iii) of other entities
BRD Securities Ltd - Non Convertible Debentures 266,953,000 57,097,000
TOTAL 298,262,416 70,053,036
11 LONG TERM LOANS AND ADVANCES
(a) Security Deposits
Unsecured, considered good 112,500 112,500
KML Deposit 306,000 300,000
TOTAL 418,500 412,500
12 OTHER NON-CURRENT ASSETS
Gratuity Fund 221,517 310,250
Deposit With Bank 10,000,000 290,000,000
TOTAL 10,221,517 290,310,250
13 INVENTORIES
Stock in Trade 299,746,890 299,746,890
TOTAL 299,746,890 299,746,890
14 CASH AND BANK BALANCES :
Cash and Cash Equivalents
(a) Cash in hand 383,302 13,326,809
(b) Balance with banks
(i) In Current Accounts 30,439,176 77,239,810
30,822,478 90,566,619
Other Bank Balances
(i) In Deposit Accounts 7,500,000 –
(ii) In Earmarked Accounts 10,555,000 10,555,000
18,055,000 10,555,000
TOTAL 48,877,478 101,121,619
BRD FINANCE LIMITED
56
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
14 SHORT TERM LOANS AND ADVANCES :
Loans and advances
ICD Loans – 38,050,000
Balances with government authorities
Unsecured, considered good
Income Tax Receivable 2,958,067 2,907,609
Loans and advances to employees – 13,170
Others
Kuri Advances 0 0
Chitty Advances 196,801,127 160,266,695
Other Advancees 2,817,023 3,389,506
Land Advances 14,500,000 14,500,000
TOTAL 217,076,217 219,126,980
Advances recoverable in cash or in kind or for value to be received
16 OTHER CURRENT ASSETS :
(a) Accruals
Interest accrued on deposits/Securities 47,933,192 42,382,401
(b) Others
Stock of Stationery 100,000 100,000
Other Income Receivable 8,000 8,000
Receivable from BRD Motors 67,240,460 67,240,460
Kuri Arrears 1,468,142 6,938,781
Other Receivables 2,750,000 153,360
Investment in Chitties 1,353,954 976,656
TOTAL 120,853,748 117,799,658
334,971,898 334,019,029
17 REVENUE FROM OPERATIONS :
Foreman's Commission 81,674,751 87,197,783
TOTAL 81,674,751 87,197,783
18 OTHER INCOME :
(a) Interest Income
Interest received from IC Deposits 0 38,266,887
Interest received from Deposits 18,215,563 34,292,131
Interest on Kuri Advance & Loans 21,575,187 1,158,484
Interest on others 9,048,790 7,171,246
(b) Other non-operating income (net of expenses directly
attributable to such income)
Rental income from investment properties 0 10,414
Dividend Received 7,508,583 0
Late fee and Discount Profit 3,504,885 1,001,147
Profit on land sale 0 5,381,107
Commission on Money Transfer 13,266 14,160
Other Miscellanious Income 120,381 575,310
TOTAL 58,314,170 86,726,340
BRD FINANCE LIMITED
57
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
19 EMPLOYEE BENEFIT EXPENSES
Salaries & Wages 6,244,146 5,489,463
Contributions to provident and other funds 777,679 433,177
Staff welfare expenses 9,280 -
TOTAL 7,031,105 5,922,640
Details of Employee Benefits : Disclosures required under Accounting Standard 15 – EmployeeBenefits (Revised 2005)
a. Defined Contribution Plans :
During the Year, the following amounts have been recognised in the Profit and Loss account onaccount of defined contribution plan
Employers Contribution to Provident Fund 509,862 402,386
Employers Contribution to Employee's State Insurance 204,235 169,610
b. Defined benefit Plans- Gratuity:
i. Components of employer expense
Current service cost 70,010 102,821
Interest cost 36,672 43,426
Expected return on plan assets 61,606 47,980
Actuarial losses/(gains) 50,104 -230,671
Total expense recognised in the Statement of Profit and Loss 95,180 -132,404
ii. Actual contribution and benefit payments for year
Actual benefit payments 90,298 0
Actual contributions 6,447 195,809
iii. Net asset / (liability) recognised in the Balance Sheet
Present value of defined benefit obligation -524,888 -458,400
Fair value of plan assets 746,405 768,650
Funded status [Surplus / (Deficit)] 221,517 310,250
Unrecognised past service costs 0 0
Net asset / (liability) recognised in the Balance Sheet 221,517 310,250
iv. Change in defined benefit obligations (DBO) during the year
Present value of DBO at beginning of the year 458,400 542,824
Current service cost 70,010 102,821
Interest cost 36,672 43,426
Actuarial (gains) / losses 50,104 -230,671
Benefits paid -90,298 0
Present value of DBO at the end of the year 524,888 458,400
v. Change in fair value of assets during the year
Plan assets at beginning of the year 768,650 524,861
Acquisition adjustment 0 0
Expected return on plan assets 61,606 47,980
Actual company contributions 6,447 195,809
Actuarial gain / (loss) 0 0
Benefits paid -90,298 0
Plan assets at the end of the year 746,405 768,650
BRD FINANCE LIMITED
58
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
vi. Composition of the plan assets is as follows:
Government bonds – –
PSU bonds – –
Equity mutual funds – –
Insurer Managed Funds 746,405 768,650
vii. Actuarial assumptions
Discount rate 8% 8%
Rate of return on plan assets 9% 9%
Salary escalation 7% 7%
The above disclosures are based on information furnished by the independent actuary and relied
upon by the auditors.
The estimates of future Salary increases, considered in the actuarial valuation, takes into account of
inflation, seniority, promotion and other relevant factors , such as supply and demand in the employment
market.
20 FINANCE COST
(a) Interest expense on :
(i) Borrowings
Interest received from IC Deposits 44,306,735 38,072,470.00
Interest on Kuri Deposits 1,948,786 -
Interest - BRD Securities Limited 1,247,790 -
Interest on FD loan 361,709 -
(ii) Others
Interest on delayed payment of income tax 1,083,691 758,251.00
TOTAL 48,948,711 38,830,721
20 DEPRECIATION AND AMORTISATION EXPENSES
Depreciation. 478,965 539,943
Amortisation 111,451 111,451
TOTAL 590,417 651,394
21 OTHER EXPENSES :
Advertisement charges 34,130 31,556
AGM Expense 254,112 0
Audit fees 07,150 351,900
Bank Charges 11,970 7,000
Company Secretary Fee 30,000 10,000
Computer Expenses 41,570 65,043
Corporate social responsibility 1,535,000 0
Discount Allowed (Kuri) 0 29,400
Donation 52,140 0
Electricity Charges 136,494 27,384
Filing fee 188,208 37,800
Income tax 789,720 74,002
BRD FINANCE LIMITED
59
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
Business Promotion Expense – 45,600
KML Registration Fee 6,000 6,000
Kuri Bonus 2,351,286 4,645,700
Gratuity Premium Paid 10,000 4,191
Kuri commission 1,273,742 2,062,351
Legal charges 128,959 52,403
Miscellaneous expenses 56,385 117,272
Office Expense 33,935 184,770
Postage & Telegram 191,426 614,797
Printing & Stationery 343,354 444,340
Rates and Taxes 15,638 1,201
Audit Expense 20,774 21,480
Refreshment expenses 142,146 134,444
Rent 359,799 275,729
Rent - (Jammu) 23,600 –
Repairs and Maintenance 95,237 116,590
Service Tax Paid 13,531 23,779
Sitting Fee 6,800 21,600
Software Expense 197,649 63,790
Staff welfare expenses – 96,649
Telephone charge 138,702 133,423
Travelling expenses 404,309 610,042
Vehicle Maintanance 62,217 13,398
Diminision in value of investments – 3,942,160
Bad Debts w/off – 4,726,182
Internal Audit Expense 5,310 51,000
Documentation Charges 26,005 131,750
TOTAL 9,487,297 19,174,726
21.1 Payment to the auditors comprises :
As auditors - statutory audit 271,950 227,700
For taxation matters 100,300 82,800
For other services 49,200 41,400
TOTAL 421,450 351,900
22 EARNINGS PER SHARE (BASIC & DILUTED) :
Profit after tax 52,051,755 70,844,016
Weighted average number of shares 14961924 14961924
Nominal value of shares (Rs.) 10 10
Basic and diluted earnings per share (Rs.) 3.48 4.73
Adjusted Earnings per Share(Rs.) 3.48 4.73
BRD FINANCE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2017
31.03.2017 31.03.2016
Rs Rs
23 RELATED PARTY TRANSACTIONS
Details of Related Parties:
Description of Relationship Names of Related Parties
Subsidiaries BRD Chits Limited BRD Kuries (India) LimitedAssociates BRD Builders and Developers Limited
Key Management Personnel C C William Verghese Gigy VergheseAppumon.C.K David Raj C
Relatives of KMP Griger Chery Williams Sheeja M JJetsy Mathew Simon K C
Entities in which KMP / Relatives of BRD Securities Limited BRD Motors LimitedKMP can exercise significant influence SML Finance Limited BRD Car World Limited
Details of Related Party Transactions :
Nature of Transaction KMP Relative of Entities in which TotalKMP KMP / relatives
of KMP havesignificantinfluence
Intercorporate Deposit Accepted – – – –P Y – – – –
Intercorporate Deposit Made – – – –P Y – –
Intercorporate Deposit Re-paid – – – –P Y – – –
Intercorporate Deposit received - - - -
P Y - - - -
Intercorporate Investments - - 297,453,000 297,453,000
P Y - - 87,597,000 87,597,000
Interest Received - - - -
P Y - - - -
Interest Paid 690,309.00 544,296.00 1,799,391 3,033,996
P Y - - - -
Deposits in Kuries - - - -
P Y 558,000.00 12,000.00 - 570,000
Commission Paid 15,837.00 38799 - 54,636
P Y - - - -
Note: Figures in italics relates to the previous year
27 Previous year figures have been regrouped or rearranged whereever necessary.
60
BRD FINANCE LIMITED
Aluva18.08.2017
Sd/-C.J. KOCHUMATHEWDirector
Sd/-C.C. WILLIAM VARGHESE
Chairman
“As per our report of even date”For Balan & Co.Chartered Accountants,FRN 000340S
Sd/-VISHNU PRASAD B. MENON FCAPartner(M.No.207626)
Sd/-APPUMON C.K
Managing Director
Kunnamkulam
18.08.2017
61
CASH FLOW STATEMENT FOR THE YEAR 31ST MARCH 2017.
In terms of AS - 3 on Cash Flow Statement under Indirect Method
Particulars 31.03.2017 31.03.2016
Rs. Rs.
A. Cash Flow from Operating activities
Net profit Before Taxation 75,603,876 110,489,188
Adjustment for:
Provision for Depreciation 590,417 651,394
Interest on Borrowings 47,865,020 38,072,470
Interest Income (48,839,540) (80,888,748)
Interest on income tax 1,083,691 727,292
(Profit)/Loss on sale of Fixed Assets - 699,588 (1,001,147) (42,438,739)
76,303,464 68,050,449
Operating profit before working capital changes
(Increase)/Decrease in Long ter, Advances & Other Assets 280,082,733 (6,661,680)
(Increase)/Decrease in Short term Advances & Other Assets (952,869) (33,803,842)
Increase/(Decrease) in Sundry Creditors & Other liabilities (182,590,038) 96,539,826 (14,104,711) (54,570,233)
Cash from operations 172,843,290 13,480,216
Income tax paid (33,382,575) (36,779,321)
Net cash from operating activities 139,460,715 (23,299,104)
B. Cash flow from Investing Activities
Purchase of Fixed assets (409,300) (1,081,254)
Capital Work-in-Progress -
Sale of Fixed assets - 3,720,000
Interest Income 48,839,540 80,888,748
Increase in Investments (209,856,000) (24,946,356)
Net cash from Investing activities (161,425,760) 58,581,138
C. Cash flow from Financing activities
Interest on borrowings (47,865,020) (38,072,470)
Increase in Short Term Borrowings 50,000,000 -
Interim Dividend Paid (32,414,075) -
Net Cash flow from Financing Activities (30,279,095) (38,072,470)
Net Increase/Decrease in Cash & Cash Equivalents (52,244,140) (2,790,437)
Cash & Cash Equivalents Opening Balance 101,121,618 103,912,055
Cash & Cash Equivalents Closing Balance 48,877,478 101,121,618
BRD FINANCE LIMITED
Aluva18.08.2017
Sd/-C.J. KOCHUMATHEWDirector
Sd/-C.C. WILLIAM VARGHESE
Chairman
“As per our report of even date”For Balan & Co.Chartered Accountants,FRN 000340S
Sd/-VISHNU PRASAD B. MENON FCAPartner(M.No.207626)
Sd/-APPUMON C.K
Managing Director
Kunnamkulam
18.08.2017
62
BRD FINANCE LIMITED
Notes
63
BRD FINANCE LIMITED
Notes
64
BRD FINANCE LIMITED
Notes
BRD FINANCE LIMITEDU65910KL1995PLC009430
Bethany Complex, Kunnamkulam
Thrissur - 680 503.
Phone : 04885-228565
E mail : [email protected]
Web site : www.brdgroup.net
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